Posted on: 03rd Mar, 2009 12:48 pm
my mortgage balance is $150,000, 7% interest rate and my home value is $250,000. i have $20,000 in cash. should i use this money to pay my mortgage, should i refinance my house. this house is for rent and i have another mortgage of $400,000 in my primary home.
Right now you would definately be able to obtain a lower rate on a refinance assuming you qualify.
That would probably save you some money monthly.
That would probably save you some money monthly.
I would agree, look into refinancing. Even on an investment property you would get a lower rate.
