whos' really good at refinancing?

[daves66nova]

Here's the situation. Primary house, I owe $208k, at 3.25% 30yr fixed V.A. Loan. Took out 150,000 heloc on primary to put down as d.p. on next door rental house Heloc apr is 1.99% for 6 months, then 5.5% after that. Bought rental at 490k, Refi's 350k at 4.25%. What should I refi ,so that overall, I pay less on these 2 houses? someone tells me that I should refi primary house and heloc to get possibly 3.50%, so that after 6 months.I'll be paying less. If so, what are co's that do this very cheap? Thanks. I'm in The Peoples' republic of California.

 

[PandaBear]

Depends on your tax situation, I'll personally keep only primary mortgages on each property to reduce expense like mortgage insurance, then between a higher primary home loan vs a higher rental property loan, I'll keep lower primary loan and higher rental loan. This is because you can deduct 100% of the interest on rental but you have a cap on your primary's deduction. With the trend of hostility toward deducting state tax and mortgage interest these days, I'll load up more on the rental and less on my own home.

 

[daves66nova]

Here's more info. I make around 75k, single income, married, 2 kids under 18, I don't have mortgage insurance on either. load up?