Balloon Payment; How Quickly Can I Refinance?
I just purchased my first investment property...a duplex with a commercial property (small shop on the same property). All three units are rented. My credit score is excellent...but with the mix-conforming use it was difficut to get a good fixed rate. Therefore, in order to not loose the property as the closing date was not able to be extended, I took a 6 month balloon payment.
I am going to rehab the home and get it in tip top shape within the next three months, raising the appraisal by at least 10-15K. If this lender only wants to keep giving me 6 month refinance options with the closing costs associated...does anyone know if another lender would refinance me that quickly if the equity were there???
Thanks
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