Cash out refinancing rentals to pay off primary home
The idea is simple I just don’t know if I am missing anything. The interest on my primary home is not tax deductible versus the interest in rentals being tax deductible. I am thinking about cash out-refinancing my rentals and using cash from those to pay off my primary home.
Primary home- Owe 470,000 rate 3.25%
#1 rental- Owe 135,000 rate 4.25% ( home valued at 410,000)
#2 rental Owe 175,000 rate 4.125% ( home valued at 245,000)
My rentals are on conventional primary loans so I understand I refinancing my turn them into investment loans. Should I take out as much equity as I can and use that to pay off my primary home?