Is It Time to Refinance or Wait?
I have a couple of duplexes and a four unit that I've had for 3 or 4 years now and I'm looking at doing cash out refinances on them. I've spoken with conventional lenders and portfolio lenders to get some good options. I can pull out significant equity while still cashflowing them.
I was gung ho on refinancing them immediately b/c I can see interest rates going higher very soon but I just listened to David Greene on a BP podcast that made me reconsider. He suggested that if I don't have anything to purchase right now, it might be better to wait. I don't have anything to purchase at the moment so maybe it's better to wait until I do.
However, I want to have enough cash available if something does come up and I want to make sure I lock in a low interest rate for the next 30 years while I still can.
What are your thoughts? I'm in the Charleston, SC market if that makes a difference.