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Old 05-12-2013, 06:44 PM
 
Location: New York, Westchester
506 posts, read 2,106,537 times
Reputation: 235

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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
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Old 05-12-2013, 08:02 PM
 
3,806 posts, read 8,264,206 times
Reputation: 4944
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.
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Old 05-13-2013, 10:04 AM
 
Location: New York, Westchester
506 posts, read 2,106,537 times
Reputation: 235
Thanks Pfhtex thats what i meant ...I was looking at a cash out ...Do you recommend this or not......Cheers
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Old 05-13-2013, 10:31 AM
 
3,806 posts, read 8,264,206 times
Reputation: 4944
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.
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Old 05-13-2013, 11:22 AM
 
Location: New York, Westchester
506 posts, read 2,106,537 times
Reputation: 235
yes my house is worth approx. 900k
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Old 05-13-2013, 11:45 AM
 
3,806 posts, read 8,264,206 times
Reputation: 4944
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.
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Old 05-13-2013, 12:49 PM
 
Location: New York, Westchester
506 posts, read 2,106,537 times
Reputation: 235
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.....
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Old 05-13-2013, 02:10 PM
 
3,806 posts, read 8,264,206 times
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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.
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Old 05-15-2013, 11:05 AM
 
171 posts, read 195,872 times
Reputation: 38
Did you purchase (credit) the 600,000.00 or buy it outright?
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Old 05-15-2013, 11:20 AM
 
Location: New York, Westchester
506 posts, read 2,106,537 times
Reputation: 235
invested a total of 750 i put 350 cash into property
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