Refinance or keep 20 year amortized with 10 year balloon.

[Matt Treece]

I recently worked with a small town bank to secure financing for a deal. I owned a property outright, used it as collateral to purchase another property and cash out equity in the first. I didn't talk specifics with the mortgage lender as I ASSUMED (shame on me) that it would be a 30 year conventional loan. Like I had secured for investment property from a different lender last year.  Fast forward to closing and its a 20 year amortized loan with a balloon at 10 years. 

So my question is do I bite the bullet and refinance now to a 30 year conventional loan? or just roll with what I have. Obviously a 30 year payment plan would decrease the monthly amount. about 200$ if I am figuring correctly. The future of both properties is not sealed right now. may sell, may hold long term. 

If I was expecting a significant amount of cash out of the deal I would have halted at closing and sourced out new funding.