I just read a short article at https://www.engadget.com/2016/08/31/airbnb-rentals-play-havoc-with-mortgages/ that if you are renting property you own via services like airbnb https://www.airbnb.com/ that you might not be able to refinance the property with most major banks.
So, for one, unless you NEED to refinance and you are in the USA, I would take out the portion of the proceeds you would need to send to the IRS for your quartly tax payments, and then I would take half of the remaining fund and put them into a property managment fund, a seperate bank account purely for the maintenance of the property, and take the other half and put it against the pricipal of your mortgage loan, if you have one.
This will shorten the time required to pay off the loan, and by paying off the pricipal sooner, you will save interest payments, especially if you are still in the 1st half of the mortgage becaue then you are primarily paying interest, not priciple.
Secondly, by paying off the principle, you may be accomplishing the same as you may by refinancing, mainly, reducing your monthly payment against the loan as some banks will recalculate the payment every year if the priciple shrinks faster than originally estimated by the 30-50 year loan calculations.
With this said, be careful you are not breaking any local, state or federal laws, but why even bother involving the bank(s) if you don't have to.
Seriously!
