Updated 7 months ago on . Most recent reply
Primary Property Refinance Advice
Hey -- I am in the process of refiancing on my primary residence. Currently house hacking with an all in payment of $4,200/month (insurance, taxes, PMI, P&I). I only put down 10% initially. I can refi at a lower rate and bring my total monthly payment down to $3,600 / month. Only caveat is that I need to put down an additional 5% principal when I close (~$20K).
Is paying the extra $20K of principal worth it? I want to hang onto the property for the long term and rent it out. I do not plan on selling this property any time soon. Any thoughts would be helpful