Updated 5 months ago on . Most recent reply
Refinance or keep the current loan
Hi, I bought a rental property couple years back with 7.2% conventional loan, now that rates is less ~6%, does it make sense to refinance or need to keep the current mortgage and wait for lower rate? any tip how to make decision?
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Ayyoub Feza any loan officer can show you the math here. And the answer will be that the payback period would be YEARS in the future...so, no, this would not be worth it.