Any advise before closing the deal?!

[Alfonso Aramburo Zepeda]

I plan on live on that property for at least a year, 2 years Max. doing the repairs in the meanwhile & taking advantage of FHA Loans.

My lender tells me I can refinance after a year and should first refinance to take away the Mortgage Insurance, then cash out. Would you agree? 

Is there anything I should consider before signing the contract? 

Thank you!

[Joseph Firmin]

@Alfonso Aramburo Zepeda Congrats on the deal! The answer depends on your exit strategy and if you've improved the value of the property through repairs, upgrades, etc... If you want to stay in it (or hold it) long-term then a refinance would be wise to save the PMI and maybe take cash out to go purchase an investment property. If you plan to sell after 2 years, you could still refinance and lower your payment during year 2 and take cash out, but the $ gain on the sale will be less since you've already taken the cash via the refinance. Either way should be fine, but why not hold it and go buy another live and flip?