Refi or no refi...rental property in future

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It depends on several things.

1- Consider the cost of refi. Calculate the ROI since 4.875 is still a decent rate. It's moot if you plan on keeping the property.
2- Are you underwater? A refi may require an injection of principal if the market price went south.
3- It's proactive to refi now because it's still your primary residence. Most banks will want a higher rate with an investment property.

#1 and #2 has me on the fence with proceeding. If you have extra $, just throw it in as a payment on principal. Do you really want to go through a loan application process right now?

There is a streamline refinance and if you are underwater you can get a refi if your existing loan is with Fannie Mae or Freddie Mac without bringing any cash to the table. With a streamline refi, the process is a. Piece of cake. Even without it , it's no big deal.

Call me, mortgage broker here sole proprietor means better deal.

Ellen Silverman
Tel: 212-786-9682
Www.Esfunding.instant lender.com

If the goal is to think of this as a rental property, the 15 year sounds like a bad idea. First it decreases free cash flow from the unit. 4.875% is decent. I would stick with it and only refi if I could get into a lower fixed rate 30 year.