Should I refinance my home from 15yr to 30?
We have a nice home that has appreciated significantly. We bought it a few years ago with a 15 year note. We own 2 duplexes that cashflow well. I am the primary bread winner, my wife wants to quit her job and be a full time realtor. The monthly payment is hefty, but we can swing it. My question is, should we refinance the 15 year to a 30 year? the payment would then equal our cashflow from our investment properties. And we could then use the extra cash to buy additional properties.
Or do we keep the 15 year note and keep on the current pace? We would have to really tighten our belt if my wife quits her job and she starts making some sales as a realtor.
Thoughts?