Refi what to do ....
Friends, I own a Co-op apartment in NY with less than $50K on the mortgage with a long term tenant happy to renew. The rate is currently 5.875 and I would love to refi and even cash out something (current value around $110-120K). Not sure how to do the math ..... Worth it? I have excellent credit (about 805 as the middle score) and a SFR in FL with about 25% equity at current value. Both mortgages with Chase.
In the process of buying a third property to live in for a couple of years and then rent out in CO.
Any thoughts/advice?
My gut says complete the current purchase then move for cash out refi. I have not run the numbers, but welcome thoughts.