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Old 06-18-2018, 06:45 PM
 
1 posts, read 362 times
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My primary residence in NY will appraise for $600K and I currently have $200K balance on my mortgage. That gives me $400K equity currently and want to take advantage of that.
I live in NY and i'm looking to get $200K equity out of my primary residence.
This $200K is going to be used entirely to purchase a condo in FLA for cash.
For the first 5 years i plan on visiting FLA condo maybe 3 months a year.
I am 60 years old and plan on selling my primary NY residence in 5 years, cashing out and moving to FLA to the purchased condo full time.

Option 1.) $200K HELOC would cost me about $1,000 a month for the 5 years till I sell primary and payoff the HELOC.
Option 2.) do a 30yr Refi the primary $200K owed + $200K cash out. This would increase my monthly payment about $500 per month till I sell primary and payoff note.

I really want to do the REFI simply because of the much lower monthly payment vs HELOC, but would like some of your thoughts?
Thanks
Royals
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