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Updated about 4 years ago on . Most recent reply

User Stats

6
Posts
0
Votes
Jasmine W.
  • Residential Real Estate Broker
  • Chicago, IL
0
Votes |
6
Posts

Should I refinance or sell?

Jasmine W.
  • Residential Real Estate Broker
  • Chicago, IL
Posted

I'm looking for some advice...I purchased a 2 unit building 3years ago I live in one unit and renting out the other which pays almost all the mortgage. I'm ready for my next investment but also ready to move into a house (not wanting to house hack anymore). My multiunit is worth about 250k now of which I owe 143k with a 4.25% interest rate. I been getting offers to refinance at 2.75% so should I refinance or sell to purchase a bigger unit and a house? I'm at a stand still and don't know what to do HELP! 

Most Popular Reply

User Stats

77
Posts
34
Votes
Lee Judd
  • Lender
  • Logan, NM
34
Votes |
77
Posts
Lee Judd
  • Lender
  • Logan, NM
Replied

@Jasmine W. You should be able to get that kind of rate on your home purchase as well. If you sell you have to be able to replace the rental and buy the house with the equity. If you can do that than it it might be worth it.

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