Loan Frustrations

[Brandon M.]

Hello Everyone,

Not sure if this is the right forum for my question, but perhaps someone may steer me in the right direction if is isn't.  

Looking for some advice on how to make my current situation with my mortgage more beneficial for me and long term RE investing.

I purchased my home in 2008 for $162k.  I still owe 148,500 on it after making on-time and additional payments on it for the past 6+ years.  It's a 30yr fixed at 5.875 interest rate - the interest rates are killing me right now.

The current value of the home is between $155k - $162k.

Do I continue to make over the min monthly payment IOT payoff early? 

or, do I make minimum payments and look to keep renting out, current cash flow of $100/month?  

Is there any way to speak with banks about reducing interest rates (Bank of America)? 

I'm really new to RE investing and am trying to figure out how to make the most of my current situation whilst trying to look forward and develop a game plan.

Appreciate anyone's advice.  

Thanks,

Brandon