Ideas on refinancing my rentals for better cashflow

[Brian Johnson]

I have been searching some local small banks for refi rates on total cost and rates.  

My idea is to go conventional loan for 20 year or 30 year. With no money out of pocket.

I have a duplex that I purchased for $155,000 and now the balance is $129,000.  

The rates I have been getting are 4.75% to 4.25% with the closing to around $1500 and $2500. 

My thoughts are its better to pay more on closing and get a lower rate in interest.  I am also hoping the 20yr fixed will give me a bit more cashflow and go with it.  So if needed later down the road I could refi for a better rate if needed.

[Sam Elder]

With your loan-to-vaue between 80% and 85% (excluding any closing costs), your options are going to be somewhat limited.  Find the best option(s) and make an assessment about the viabiity of refinancing by looking at the following:

1. How much is cash-flow improved each month?

2. What am I saving in interest over the life of the loan relative to my curret rate/term?  How does this compare to the $1500 - $2500 the refinance is going to cost me?