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Reply to "HELOC vs Refinace with cash out"
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[quote=Anonymous] OP here. Both houses are in Calvert County Maryland, about an hour outside of the beltway. The investment property interest is 4.875%, so if I plan to pay off the $110K balance within 7-10 years (via either HELOC or short term refinance), I'll need the AVERAGE interest rate to be less than that over the payoff period to break even. A fixed refi rate would guarantee that, but the variable rate is more of a gamble. If HELOC rates do go up, I'll be that much more motivated to pay the loan off early. The fees to refinance will run $2500-$3500 (rolled into the balance), whereas my bank will provide a HELOC without any fees. I'll also have the flexibility to access the HELOC for any other purpose, but the refinance would commit all cashout funds to pay the mortgage. I'm leaning toward the HELOC. [/quote]
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