refinance after 6 months

[Steve C.]

I closed one deal this week and got a loan with 6.125% fixed rate for a condo for investment purpose. The rate is much higher than market rate since I wasn't able to get Fannie mae warrantable loan since this complex had larger than 50% investor owner ratio. Also, I had to do it within 2 weeks with 2nd company since Chase declined my loan for the reason.

So now I want to have strategic plan to refinance this loan down the road. Not sure 50% investor owner ratio will go down over the time, so it is not certain I can get Fannie mae warrantable loan soon. 

The lender told me that I can refinance after 6 months possibly with 1% lower rate. (There is uncertainty though how much Feds will increase interest rates next 6 months.) But in the meanwhile, I also heard that I can refinance even after 1-2 months. Is this possible and ethical thing to do for me? I heard that the original lender might lose some commission if I refinance within 6 months. I want to be honest and maintain good relationship with the original lender, so I don't want to cause any trouble for him. However, if it makes big financial sense to refinance within 6 months, maybe can I even pay some penalty voluntarily to make up for the loss of the original lender?

Any advice for the direction? Appreciate any feedback. Thank you very much.

[Brian Garrett]

6.125% is not a bad rate for a commercial/portfolio (Non Fannie/Freddie) loan.

How much lower are you expecting to get by refinancing since you can't qualify for conventional?