HARP refi on investment

[$ hoarder]

Would you refi an investment property to a higher interest rate to move from an 3.25% adj to 4% 30 yr fixed rate? The good faith estimate I have received show about a 30-40 savings per month. I am not planning on keeping the house forever but realize it may be a good idea to lock in a low fixed rate even though it's higher than what I'm currently paying. My thought is since my renter will be paying the higher interest I shouldn't be that concerned and I can deduct the higher interest at tax time. We profit about $300 a month.

I've also read that the LIBOR scandal may cause the rate the jump which would hurt my low adj. rate.

What would you do?

[Petunia 100]

If it were me, if I intended to keep the rental long-term, I would refi into the best fixed rate I could get. If it is a little higher than the current adjustable rate, so be it. There are so many ways you can experience additional cash outflows with a rental, or interrupted cash inflows. Myself, I would not want the mortgage payment to be in that category.

If I thought I might sell the rental in the next few years, I would not spend money on a refi.