Should I refinance?

[Cathy Chang]

Hi, BPers,

I plan to convert my current primary property into rental within half year. I did a refi this Feb., and I can only do another one 6 months later, which will be Aug. However, currently my loan is 15yrs-fixed, 3.25%, PITI = $2850, the projected rental will be around $3000.

Should I prepare another 30yr fixed refi in the next couple of months in order to obtain more cash flow or other benefits if any? if rate = 3.75%, PITI = $2200. However, I am concerned if the interest rate increases significantly in the several months, like 4.5%, should I still apply for a 30-yr refi? Since 3.25% is pretty good to me now.

Please help me on this, any input will be greatly appreciated!

Many thanks,