Should I refinance my rental property?

3 Replies

At the time, financed it for 20 years. Payment is $780 a month with $250 aonth going to taxes and we rent it for $1,200. This leaves us with $ 170 a month, at the time not saving for any expenses. That's why I wanted to know if wise to refinance for 30 yrs. We owe &70,000. We would still cashflow the same wafter putting aside for expenses

what interest rate are you paying now  ? and how much time is left on present loan ?  also

what 30 yr fixed  rate are you considering and what are the closing costs/ loan fees  associated  with the refinance …..you might ask  for  " low cost "  rate options for the refinance  in order to keep these expenses down …...if you refinance the loan to a new  30 yr fixed in order to make it cash flow better - always keep in mind that you can  apply extra payments to the new loan to  whittle the balance down