Refi from commercial to conventional

[Daniel Rehner]

Hey all I need some advice. So I recently bought a duplex in lexington, ky (Victoria way) and was able to secure it with a commercial loan, even though it's not a typical commercial property. I did this because of a good deal they were having that was helping new investor get started. They only were requiring 10% down for a 20 yr 4.5, fixed for 5 yr, balloon at 10. They only problem with this type of loan is I cant extend a home equity line of credit. I bought it for 102,000 and the bank appraised it at 115,000 at the time of purchase and that was before I even fixed it up a little. I've reached out to another bank and can refi for about $3500. I would refi for a fixed 30 yr and it would decrease my monthly mortgage about 100$ and allow to repeat the process with another. Seems like a now brained but I'm a little stuck on thinking I would be making my initial investment worst by spending and additional $3500. Should I wait until I have another property in the cross hairs or move to be ready beforehand?

[David Hamilton]

How recent is recently?  Those seem like pretty favorable terms...