Mortgage Review - prepping for next purchase

[Mary Beth Blackwell]

Hello,

I’m reviewing current mortgages on two of my properties. One is a rental the other is converting to a rental now. My goal is to purchase another rental property in the next few months. I’m reviewing my mortgage position and curious which financing strategy is best to consider. I’d like to leverage the equity from my existing two properties for the down payment in the next property. I haven’t reached this step in property investing yet. I’m looking to be prepped for when the next buying opportunity comes.

Here’s my loan structure and equity:

Florida:

30yr fixed

Market Value: $295k

Mortgage Balance: $154k

Interest Rate: 4.25%

North Carolina:

30yr fixed

Market Value: $223k

Mortgage Balance: $174k

Interest Rate: 3.75%

PMI: $95/mth

Thanks,

Mary Beth