Mortgage Refinance
Need some advise on 20 year refinancing. I already am 27 months into my existing 20 year fixed mortgage term loan. Rates have dipped a bit now and I reached out to my lender if he can further reduce my monthly payments by refinancing to 20 years fixed (closing cost added in the interest rate). Now, I am not getting very favorable rate i.e. from existing 3.375% to 3.25% but my monthly mortgage payment ($2500) will drop down to around $200 that will be break even to the rent payment ($2300+-) in the area I am in. If later I buy another house and make existing one as rental, the rent should cover the mortgage atleast. Do you see any flaw in my approach, I know my clock would be reset to 20 years again. Do I have any better way to tackle this approach?