Refinancing a rental property to pay off another

[Melissa Gunther]

Help me decide if this makes sense to do. We own three rental properties, one is paid in full. We want to do a cash out refinance to pay off another one. We owe 294,000 on both and pay $2583 per month for the payments. If we refinance both into one loan- our new payment would be $1960 per month. It would cost about $15000 to do but would save us about $700 per month. Our ultimate goal is to pay off all of our rentals so we think it would be easier to do that by having less mortgages. Not sure if this makes financial sense or not. Thanks in advice for your help.