15 year vs 30 year fix loan for investment property

[Vannak Kann]

Hi All,

I'm in a bit of dilemma, currently i have two property which is 30 years fix loan. first property is 4.75% and second is 4.50. Now if both are rental property, does it make sense to refinance it to 15 fix loan. I have excellence credit, i probably get in the low 3 percent rate. 

In general, what would be the approach to rental property, 15 or 30 years? I'm looking to purchase another property within a month or so. thanks

[Tony Frangieh]

no more info needed. 15 year everytime and anytime! your payment will go up maybe 100-300 dollars (which is peanuts) but the life of your loan is cut in half :) also, ask your lender how much you will save in interest by doing a 15/year. You will be amazed :)

Good luck!