So...I received a call from the appraiser this afternoon, scheduling the rental appraisal for Tuesday, 7/25/17 at noon.
I can't tell how excited I am to get this refinance done. I have run the numbers a variety of ways and have decided upon a few things related and unrelated:
1. Without the "beautification" project, the rent is going up $75.00/mo. With the "beautification" project, the rent is going up $100.00/month;
2. With or without the refinance, all passive income is going towards the pre-payment on the rental mortgage;
3. The monthly "car" payment that no longer exists is going towards the pre-payment on the primary residence mortgage. I found a great mortgage calculator on the Forum Section and will shave about 10 years off my term with just that added principal only payment!!!
Exciting times.....thank you all for the comments, feedback, suggestions and support. You are all very inspirational and motivational.
Rental Refinance Update
July 21st, 2017 at 12:39 am
July 21st, 2017 at 01:38 am 1500597507
July 21st, 2017 at 05:56 am 1500612994