Two properties with two mortgages- refi to pay one off?
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Anonymous
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We could refi to a lower rate currently on both properties. Pay one off entirely (it's currently being rented at a small profit) and consolidate to our primary residence. Interest would be deductible, our monthly payments would be about $600 less BUT we would lose almost all the equity we have in the primary house. The financing is such that the closing costs are cover after about five months of the new structure and there are no jumbo loan issues at play.
What am I missing? What should I be looking for? Is this a bad idea? |
Anonymous
| Do it. |