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Ok here goes the ....My house is worth 850K...I owe 200K @ 5% on a 15 year w 8 years left...I bought a mixed use property 5 years ago for 600k and put 150k into it....I owe 375k on it...Interest Rate is 6.5% on a 30 yr......Should i refi my home to a 15yr at about 2.75% take the money and pay off the remainder of the rental property and reduce my interest by 3 3/4 points and dropping my mortgage from a 30yr to 15yr saving my self over 300k in interest and 10 extra years of payments....
What are your thoughts Pros and Cons......thanks
Or you could do a cashout refinance on your Primary Residence, pay off the Mixed Use Property completely, get a 15 year term on that, and write off ALL of the mortgage interest, as it's on your primary residence.
Well I might have given you misinformation - - Is your house worth $850k your primary residence? If so, then my original suggestion stands. If not, we need to look deeper due to Jumbo Investment Property guidelines, rates, and the inability to write off that interest.
If you cash-out and pay off the mixed-use, the new loan amount will make it a Jumbo loan, but you can still get a great rate on a 15 year term, and write off all of that interest.
what are the 15 year jumbo looking like do u know......You always here people say u should never leverage your primary for a second...which i didnt , but now the difference of the rates is crazy im looking at saving 3 or more points.....
Likely in the 3's on a 15 year fixed, even as a cashout. Can't get too specific without a bit more info, but very pretty compared to existing payment structure.
invested a total of 750 i put 350 cash into property
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....My house is worth 850K...I owe 200K @ 5% on a 15 year w 8 years left...I bought a mixed use property 5 years ago for 600k and put 150k into it....I owe 375k on it...Interest Rate is 6.5% on a 30 yr......Should i refi my home to a 15yr at about 2.75% take the money and pay off the remainder of the rental property and reduce my interest by 3 3/4 points and dropping my mortgage from a 30yr to 15yr saving my self over 300k in interest and 10 extra years of payments....
