First Rental Mortgage Ideas

[Jeremy Stallone]

Currently finishing up a rental and debating what to do about the mortgage. mortgage was 100k and 83k owed still. 

It is currently a FHA 30 year at 3.625 with pmi forever(I believe) that has 7 years paid already. There are 3 options we see going over.

1. Refi to a conventional 30 year mortgage removing PMI and lowering the mortgage helping with cash flow.

2. Refi to conventional 15 year mortgage removing PMI increasing monthly expenses but cutting the loan by 8-13years but lose some cash flow.

3. Cash out Refi bumping the loan to 115k removing PMI but pulling out 30k in equity and beginning process of looking for next rental.

Currently on the fence about what makes the most sense.