Refinance rental property

[Amy Zhang]

Hi I have a rental that I don't have much equity in it. Interest rate is high 4.7% 7/1 ARM. I would like to refinance the property to get interest rate around 3.5% 30 years fixed rate. I will have to put in approx $150K to bring down to have 25% equity. I would like to keep the rental for long term more than 7 years. Any advice if I should refinance?

I was iniitally thinking to wait for 5 more years since its 7/1 ARM and refinance at that time and I will have more equity. But interest rate are so low now that may be I should refinance now.