Do you see anything wrong with refinancing my rentals on a 50 year mortgage? My goal is to pay as little as possible on an interest only loan with a fixed principal as I am most interested in appreciation and income off my properties, not paying off cheap loans, and this seems like one way to reduce my monthly payment. Can you suggest any mortgage broker you like that does 50 year? Ideally I want to refi with lowest possible costs.
If you are using interest only loans then the amortization period does not matter. You are never paying down the principal so the the interest payment just stays the same as long as you are in your interest only period. As for your question regarding opinions on a 50 year mortgage or never paying principal I don’t think it is a very smart idea. The idea is to get the houses paid off so there are no mortgages and you have a nice passive income check rolling in every month. If you are paying the bank most of your rent every month forever you will never get anywhere on the houses and every month you will have to be making a payment to the bank. If you need a 50 year mortgage or interest only to afford the house then you are in over your head. Look at the mortgage crisis the US is in right now. A lot of it stems from people doing exactly what you are trying to do buying houses that don’t cash flow or need exotic mortgages to cash flow. Not trying to beat you up over this, just trying to save you a lot of pain in the long run.