To refinance investment property or not?

[Lola Og]

I just closed on an investment property in July for a really good price and area but unfavorable rates (4.75% 20 year with a 20% down payment). The only reason I went with that lender was because he was able to close in 2 weeks and in this hot market, that’s what made my offer the winning one to the seller.

American Express (and Rocket mortgage) is currently doing a promotion where they give $2k back for refinance and they are offering me 3.25% for a 15yr. My closing costs will be roughly $2500 PLUS they are requiring 25% down payment.

I have the liquidity to put in the extra 5% and $2500 closing costs, BUT I’m wondering if it’s even worth going through this. I’m not sure I’m going to hold the property long term I.e > 5yrs (depending on family plans) and the counter argument is that I can write my mortgage interest off on my taxes so why bother? (Not sure what % I can write off btw)

On the other hand, if I do keep the property long term, I’m thinking it’s a better idea to refinance?

What do you y’all think?

PS: The mortgage loan is only about $106k