MONT,
I’m in the mortgage biz and often get questions like yours.
It depends on your overall situation and the rate/loan that you have now. Depends what you can qualify for.
It’s really not a situation to struggle over.
The rental market is what it is, regardless of what you owe or what the house is worth.
If you get a fully amortized loan, you will be paying principal.
If you compare an interest only loan, your cash flow will be better.
If you want an analysis of what you can actually qualify for from someone that can help you, just let me know.
You are going to get plenty of opinions here from people who don’t really understand your overall situation, but think that they do.
The longer you wait, the lower the value of the house will probably be, and from what you are asking, you will still have your other debt that may be at a higher rate and is not tax deductible.
If you wait until it’s not your primary residence to refi, your rate will be higher.
If you are trying to pick the exact bottom of rates, that isn’t realistic.
