Pulling the trigger on cash out refinance
Hi all,
I need some advice please. I am looking to do a cash-out refi on my single family rental property that I have owned for a year now. The interest rate is 5.25%. The balance is $68,300. The cash out amount will be $7,100. The loan will be for $79,500 with an interest rate of 4.125%. Under the new loan, the total interest saved will be just under $10,000 over the next 30 years. I don't need the cash really, but the interest rate being dropped more than a point is appealing. Total closing costs are $2,300. Is this something that you would pull the trigger on or would you hold off? Thank you.