Should I keep my current mortgage or refinance.

[Joanne Gonzalez]

I bought my primary June of last year. Showed in my credit and it was $169,750 loan, 5.4 APR, $1,139 monthly payment. Due to some circumstances I had to refinance and because I was renting it out I had to refinance into a investment property. New loan as of June 2023; 135k, 9.25APR, $1,261.50 monthly Does have a potential 4,995 penalty and does not show on my personal.

I am able to refinance through a credit union with a loan amount of $134,788, 7APR (5Year-ARM), with an estimated monthly of $896.75. Will possibly show on my credit and still an investment loan.

I feel like it's the right decision so I can make more of a cash flow. Usually rent it out between 1750-1800 (all Utilities included). Refinancing it will allow me to keep it at this amount or possibly even lower it to be more competitive. But I'm stuck in between whether I want it to show on my personal credit report or not I'm not sure if that's a good decision. I currently want to purchase another home as an investment whether it's a DSCR loan or 20% down for a conventional, but I don't want the mortgage to affect me. What would you do?

Side Note: I do want to buy a primary in the next 4-6 months in officially I was tagged the right way.