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Updated almost 4 years ago on . Most recent reply

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Account Closed
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Account Closed
0
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2
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General Landlording & Rental Properties

Should I refinance my rental home to increase cash flow

Account Closed
Posted

I have a rental property that’s is valued at $85,000 and owe $58,000 on. I have a 30 year loan with quicken loan at a 5.625 interest rate. I currently pay $800( principal and interest, tax, insurance, and pmi) for my mortgage and receive $1100 for rent. Should I refinance to lower my rate and lower my monthly payment to increase my cash flow? 

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Joe Villeneuve
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  • from Plymouth, MI
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Joe Villeneuve
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  • from Plymouth, MI
  • Member since Jul 7, 2013
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
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Yes.

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