To refinance or not?

[Jorge Uribe]

Hey guys,

I am weighing pros and cons on whether to refinance or not.

1st rental property note is a 20yr 3.5%, I am into the 5th year on the note now with a balance of $119k. Home value is $250k. Lots of equity.

I have a $20k debt of another property renovation costs that I would like to pay off.

This house rents for 1500/mnth. Has some cashflow as of now. I can do cash out refi for the 20k @ 2.99% 20yr note with a payment of $1165. Current payment is $1265. Debt payment is $600/mnth.

Cash out to pay off debt and save $700/mnth and restart 20yr note and refi costs or not?

What other factors should I take into account?

Tha ks