The mortgage on the property is still fairly high with a balance of  $285k.

Bought it for $45K, loan balance is $35K, current market value is approximately $150K 

I see a slow slog downward until we hit the balance point mostly because the rates will remain elevated 6%+ for another year at least.

Property: SFR in Ontario, CaliforniaRent $3200Mortgage Payment (2.875% rate) - $2661.06 + $185 HOA = $2846Mortgage Balance - $456k Estimated Value - $700k(3 bed/2 bath)

This indicates a shift from a seller's paradise to a more balanced market.Median Sales Price Holds Steady: The median sold price for residential homes sits at $469,998, reflecting a modest 1.9% year-over-year increase.Fewer Bidding Wars: Though sellers are still receiving close to list price (95.6%), the intense bidding wars of the past seem to be fading.

My partner and I use the subject to language from the AIR CRE forms as an addendum to the REPC - UtahSubject to language for purchase offer - Utah REPCBuyer(s) shall take title to the Property subject to the following existing deed(s) of trust securing the existing promissory note(s):(i) An Existing Note (“First Note”) with an unpaid balance as of the Closing of approximately:Said First Note is payable at $_____________ per month,Including interest at the rate of _________ per annum until paid (and/or the entire unpaid balance is due on ___________ (date).

A refinance that only pays off the existing balance (plus any costs) is considered a rate and term refinance and should offer lower mortgage rates and costs due to simplicity.

Debt InformationWhat is the principal balance of the loan?

This seems unnecessary currently.I am looking for more security but with a good balance of ease of use.

Balancing these factors is crucial in making your decision.