Assuming we could get a great rate...
Any thoughts on refinancing primary residence from 3.75% 23 year left to ~2.75% / ~15 year and pulling out cash to pay off 4.75% 20 year left rental property?
Rough estimates look like we'd save around $40k with term adjusted to match current payments. If kept at 15 year would have larger payment but save around $50k.
Downsides?
If higher payment, could just pay extra now?
having rental paid off, lawsuit liability?
No more home equity available?
Remortgage rental would be worse rate if we needed to down the road?
Pay more tax on rental income but less for personal?
If 15 year higher payment, less money to throw in market
Refi costs
Any thoughts on refinancing primary residence from 3.75% 23 year left to ~2.75% / ~15 year and pulling out cash to pay off 4.75% 20 year left rental property?
Rough estimates look like we'd save around $40k with term adjusted to match current payments. If kept at 15 year would have larger payment but save around $50k.
Downsides?
If higher payment, could just pay extra now?
having rental paid off, lawsuit liability?
No more home equity available?
Remortgage rental would be worse rate if we needed to down the road?
Pay more tax on rental income but less for personal?
If 15 year higher payment, less money to throw in market
Refi costs