There are a couple of key questions to ask that can make a difference in reaching your goals on this property. Is your goal leverage to buy more investment properties or maximize cash flow by paying off all mortgage debt? This is the paradox of almost every investor based upon where they are in their "investor life". Tell me your goal and I will tell you your options. I will assume that based upon the age of the loan, the MI has fallen off the current FHA loan? That brings me to; How much do you owe and what is the value? How many other properties do you own and how many are financed? Based upon the goal you have, you ave options. Refi to a new loan that either matches the cash flow or pays if off more quickly. Maybe take cash out and pay off other debts? Use what I call, the "I'll decide what I pay mortgage." You refi to a 30 year but pay it off like its a shorter am period. You do this because, just in case the tenant moves out or if you have a cash flow crunch in your life, you can always "just pay" the lower 30 year AM payment. You pay a little higher rate for a 30 year but you gain control of the situation for that cost. Email me for actual options pertaining to your exact situation. Jim Koulos
