The last thing you should be is deceitful. Tell the truth and see if they're willing to work with you. No one is going to advise you do anything illegal so don't ask those questions.

> Our tax preparer is of the mindset that we should be maxing out how much we give to the govt in taxes each year to ensure we get money back each year.

Getting a refund should be the last thing you want. You want to break even. That should be the goal. I think it may be time for a new CPA.

Read the wiki. You can base almost an entire course just on that.

>I feel like having two mortgages puts us at increased risk in case one of us were to lose a job.

That's a fair assessment, but if your numbers are good this risk becomes less and less something you need to concern yourself with.

>For context, my original plan, which was a bit Ramsey-an was to pay off both mortgages (our primary residence mortgage is a 30-year fixed at 2.25%), but I feel like that just doesn't make any sense.

You are correct. Mathematically speaking it doesn't make sense to pay down cheap debt. However, it's dependent on your risk appetite.

>I am curious about others' thoughts on either spending the next several months saving in a high-interest savings account then paying off the rental mortgage, thus freeing up around $800 a month in income, or simply investing all extra income into IRAs and taxable accounts.

I do my best to take emotion out of some decisions and let number do the talking. A little of both won't hurt either.

No catch really. CUs tend to have little to no fees and offer far better customer experiences than big banks. They're great for almost everyone. Just watch out for any fees, but you may not see much.

Rent a place for 4 years and call it a day.

Not something to worry too much about. Utilization has no memory so as long as you pay it off before any interest accrues you're fine. It will take a little while to recover but it will be as if it never happened.