Sorry for the long title, I wanted to be specific. I have searched for this topic and have only found either "Should I finance rental purchase with 15yr or 30yr?" or "Should I re-finance my current rental from 30yr to 15yr" or vice versa.
My situations is this. I bought my primary home in 2010 on a 30yr at 5.25%. I refinanced in 2013 to a 15yr at 2.625%. We have been looking to move to a different area and upgrade from a condo to a single family home. I would like to have the option to rent out my current condo, but would only breakeven at best case. I fell in love with the low 15yr rate at the time, but now I am kicking myself for not going for the 30yr in the low 3%s and just paying the 15yr so I would have more flexibility now.
My question(s) is/are this:
- With rates dipping down to similar lows as 2013, should I refinance again into a 30yr so that I can rent out with some cash flow?
- Or should I stick with the 15yr and rent out at breakeven?
- Or should I just sell the place if we end up moving?
Any help, insight or opinions would be appreciated.
Additional info if it helps:
- Location is South Jersey, outside Atlantic City
- We have been house hunting for over a year and have not found, or we missed-out on, any single family homes we love as much as our condo on the bay.
- we are a young married couple, about 30yrs old
- our condo development was less than half finished when we bought in 2010, now the last units are built and I am told only 3 are left unsold.
