Is it a no brainer for me to refinance my SFR rental right now?

[Andy Hailey]

Hi Bigger Pockets! 

I am pretty new at REI and wanted to get some opinions about my current situation with my one and only rental property. It is a SFR that is renting for $1,100 per month. My current mortgage payment on the home is $914 per month. This property was bought when rates were higher and is financed at 5.5%. There is currently $90,000 remaining on the mortgage.

This is a newbie question, but should I be refinancing right now? Are there any negatives to doing this other than the cost of the refinance? If I do refinance, should I refinance at 30 years? 20? 15? Or even do a cash out refinance? 

Thanks for your opinions and insight! 

Andy

[Corby Goade]

In general, if you plan to keep it for at least five years and you can save a point or more, it's probably a good idea. Keep at a 30 year am- you can pay it like a 15 if you want, but if you get a 15, you can't make the payment for a 30 year am- I don't know why anyone would lock themselves in to a 15 year am, especially on an investment. 

Good luck!