Refinancing 16 to a 30 year mortgage

[Philip L.]

I currently have a mortgage that was a 30 year but now only has 16 years left.

I no longer live in the property and I am going to be renting it out as a rent to own.

To improve cash flow I am looking to refinance the property back to a 30 year term, is this a good idea? as from my understanding majority of the the interest is paid during the first 15 years

[Saravanan Saravanan]

@Philip L.

It is better you keep the 15 year remaining and pay if off.   One way to consider is consider that you can be part of FIRE (Finiancial Independence) and live a debt free life by then.

If this is still a primary residence then you can get a HELOC on this one easily. This can help for expansion of additional rentals.