Updated over 5 years ago on . Most recent reply
Deciding on Refi terms
Help me decide. I have 15 yr morgage with 50k equity @4.25 interest being rented with $90 cash flow that I want to refi.
A. Cash out 14k, interest 2.85 but pay $5k closing cost switch to 30 yrs. monthly payment drop by $300 (cash flow up)
B. No cash out, interest 3.25 pay $2k closing cost, switch to 30 yrs. monthly payment drop by $375 (increase cash flow)
A or B? I need to stretch the loan to 30 ye for cash flow (currently $90 with 15 year). Planning on selling the property in 2 years