To refinance or not..

[Min Kim]

Hello everyone.

My wife and I are currently in TN and we have our primary home in WA now turned into a rental. We’ve owned the home for about 3 years now and it’s currently being rented out. Below are some info;

Original loan - $333k

Current loan - $320k

VA loan - zero down

Interest rate - 4%

Mortgage - $2000

Rent - $2500

Current value is $386k per my realtor

Possibly $63.5k equity

My question is, do you think it’s wise to refinance and take the cash to put into another rental property?