Cash Out Refinance Or HELOC
Hello,
I am ready to cash out refinance my rental property. PNC bank suggested a 15 yr HELOC at 4.25% as opposed to refinancing the whole amt at 30 years at over 6.5% or so. Other than the numbers is there something else I should be seeing here? How will a HELOC affect my credit as opposed to a mortgage? :-?
A HELOC can show as a "revolving" line rather than a mortgage. May not make a huge difference ... but some folks zealously guard even a few FICO points.
Hello,
Is your current rate greater than the 6.5%? If it is, but you can get the HELOC, I'd sit down with a pencil and paper and look at the numbers.
HELOCs... I really like them as they give me $ that I can use over and over again.
Thanks,
OTW :-D