To Refinance A Property Or Not…
Happy New Year - I’m active mil living here in boston, unfortunately lost mom to cancer last Oct, she left a house and a rental property behind I have 50% stake in that brings in $1k a month.
Q:
House Mortgage $315k
Appraisal $470k
Interest 7%
Mortgage / Insur $2700
Location St.Thomas USVI
30yr
Leaning towards a refi for lower interest rate 3-4% & possibly asking for $350k to recoop some out of pocket renovation costs, house will airbnb or longterm rent for $3k a mo or more…in your opinion is a refi a good idea? All feedback is welcome.