Question about Equity on my house
My wife and I have built enough equity on our house ($150K+) on 15-yr mortgage with about 11 year left. We would like to open a small business which is required to put down about $140K.
However, we don't have that kind of that much cash on hand.
I saw a few options like Home equity Loan, HELOC, or SBA loan. Their interests are still higher than refinance rate. I wonder if it is possible to redo/ start over 15-yr or 30-yr refinance to take $140K out of the equity in order to pay for Business setup.
Or if you guys have better option, please advise.