I currently own 3 rental properties. I have roughly a 40-50% LTV in each of them because they have increased in value so much after I purchased them. The interest rates on the 3 loans are 6%, 6%+7.5%(80+20 loan) and 6.375%
Im about breaking even on the 3 investment properties after piti and a gardner for the front yard.
I?m currently buying a brand new house and was going to put 20-25% down payment and take out a new loan for the balance. Roughly 300,000 loan.
Would it be better for me to refinance my 3 rental properties and cash out enough equity so I won?t have a new loan for my new primary residence.
I?m sure the interest rate on an investment loan will be a little higher then a loan for my primary residence.
Are there big tax advantages to refinance investment loan vs new primary residence loan? I know I can still write of the interest on a new loan if im living in the house.
My tax man said it would be a lot better to refinance my investment properties but he also does loans so he might just want to make some money =)
Anyone have any type of advice on which will be better?
Im about breaking even on the 3 investment properties after piti and a gardner for the front yard.
I?m currently buying a brand new house and was going to put 20-25% down payment and take out a new loan for the balance. Roughly 300,000 loan.
Would it be better for me to refinance my 3 rental properties and cash out enough equity so I won?t have a new loan for my new primary residence.
I?m sure the interest rate on an investment loan will be a little higher then a loan for my primary residence.
Are there big tax advantages to refinance investment loan vs new primary residence loan? I know I can still write of the interest on a new loan if im living in the house.
My tax man said it would be a lot better to refinance my investment properties but he also does loans so he might just want to make some money =)
Anyone have any type of advice on which will be better?
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