Mr. Smith wants to know the best strategy to purchase a property.  His
first property value is $259,000. His balance owed is $44.000   His
plan is to take a equity loan of $207,000  in which he can get 75%
$150.000 with a veritable rate of 6% monthly payment amount of
$1,020.82.  This will give him cash of $103,055 for down payment on a
new home.  The property he wants to purchase has a value of $515,275. 
He plans to take a 10-yr. arm at 6.5% with a down payment of  $103,055
which leaves a balance of $412,220 and a monthly payment of $2,232 per
month.  He has a preferred stock that pays him for life income $1,400
per month.  Its cash value is $284,000.  His question is "Would it be
best for him to surrender his stock to purchase new properties, or
take an equity loan of $207,000 which he can only get 75% $150,000?". 
He has cash on his savings account which amounts to $81,000.