My primary home has an interest rate (15 years) 3.125% and 100k mortgage loan left. I have just bought a second home for investment with the rate 4.625% for 30 years.
Should I refinance my primary home and take cash out with 450k (100k pay off the previous mortgage loan and 350k pay off the second home)?
With this way, I can save my 30 years interest on investment property (each year 4.6%) and consolidate my debt to my primary home 450k. My primary value is about 600k. Should I go with this way, since I can use the rental payment to double pay my primary ?
Is there any better way to make the profit out it on tax? Thanks