Insight
The difference in monthly payments between a 6.25% and 5.125% mortgage on a $2.2 million mortgage is $1,467 per month or $18,804 per year.
Refinance Demand is Up 81% From Last Year—Is Now the Time to Cash Out?
Summary
Interest rates have dropped, making refinancing more appealing for homeowners, including those with short-term rentals. This could be an opportunity to pull equity out of your primary residence to use for an all-cash purchase of an investment property, or to lower your monthly payments. Consider the costs of refinancing and your investment strategy before making a decision.
Key takeaway