Pay off Mortgage early strategy

[Ahmed Khalifa]

I couldnt select the correct category, so my apologies, this was the close. recently bought a second home, i Have a 15 year mortgage, and i want to pay it off as soom as possible. For the next couple of years money will be tighter then usual. However i would like to find a creative way to generate extra "funds" outside of Income to make extra payments towards Priciple. Here is my idea, and please feel free to tell me the good the bad and the ugly. My first home has about 70,000 im equity with more then double that left to pay off. I am renting the property for $1400. Im not "cash flowing" what i should etc, but im happy for now that it covers the mortgage. My plan/idea was to refinance the propertt for a new 30 year loan which would/should bring down my payments by around $400. This would allow us to take that Money and throw it at the nee home principal.  Obviously the progress we made paying the down house 1 would slow down to a grinding halt,  But the equity is still there and I dont intend on touching it in the refinance process. Is this strategy sound if house 1 is not of importance, i want to use it as a tool to get cash  and pay off house 2 and possibly future properties by repeating.