Mortgage Renewal - What are my options
Hi there...
Newbie (to the BP forums) Canadian investor here. Hoping to get your input on my upcoming mortgage renewal. Below is a summary of my situation.
- I am coming up on the 5-year renewal of a 25-year mortgage (20 years remaining).
- Accumulated about $50k in equity
- House is a mix of rental units and I live in one.
- Approx. negative $350 in cash flow per month.
Question - Aside from aiming to refinance so the property is cashflow positive (eg. by refinancing remaining principal on a 25 or 30-year mortgage) are there any other objectives I should have in this refinancing?
- Should I aim for the longer term to reduce the monthly mortgage so I am cashflow positive?
- Should I aim to pull out as much equity as possible, then reinvest?
- What am I missing or should be thinking about?
Thanks in advance! Happy to be a member here now. - CB