Should I Refinance or Not?

[Ryan Miller]

I purchased a single family home 12 years ago with a 30 year loan. I bought this property to live in and didn’t have plans to rent it. Three years ago I got married and started a family so we needed a larger home. I turned it into a rental but since I didn’t plan of it being a rental originally, the property only cash flows $50 a month. Should I continue the current path of making a little each month with almost 1/3 of the loan paid or refinance? I can refinance to a 30 year and lower the interest  1.4% and add over $200 more in cash flow per month.

Advice? 

[Chris Seveney]

@Jamie Bateman

Have to definitely shop. I am speaking with a lender that will do a jumbo at 3.625% and 10% down no pmi. That’s insane. Conventional would have pmi because they follow Fannie but in their own portfolio they do not. This is specific to a certain region / area so it’s not nationwide but that is still damn good.