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DOES IT MAKE ANY SENSE TO REFI UNDER THE STATED CONDITIONS?

I have a principal balance in a current 30 yr mortgage for a rental property of $165, 000. Mortgage payment is $1500 but I have always paid more towards the principal (+ or - $200 extra). Half (plus) of the mortgage payment now goes to the principal amount (i.e., $760) Interest is 5.387 per annumWhy should I refi when getting a new loan will set my payments back to a 10% principal and 90% interest?Why would it make economic sense just to save 1 or 1 plus interest rate?
By carpllc407 from CA Nov 11th 2014
Reply

None as long as you have a tenant making the payment it win, win.ballen@bankofengland1.com 800 485-1387 Ext 116

Nov 11th 2014

It may or may not make sense. You need a total cost analysis with projections out mid term and longer term. You also may want a 15 year fixed which is a much more effective loan for you the consumer. I am happy to do that for you, it is what I do for all of my clients and when it doesn't make sense it is obvious and the coolest part about me working to show them they do not need my services is that those people refer me like crazy! (866) 385-1650 or hans@asktheloanman.com

Nov 11th 2014

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