Refinancing on a non warrantable property

[Vinny Incognoli]

I am possibly going to refinance my non-warrantable property and wanted advice on the terms that were presented to me. Is this a good situation?

I am able to pull out up to 75% of the value on my condo. The refinancing offered to me was an Interest Only Fixed Rate Mortgage at 5%. I was researching this a bit more and it appears my payment would go up after 10 years?

I am absolutely new to the real estate game so any advice or clarification on this type of mortgage would be greatly appreciated.

I am looking to payoff my student loan and potentially purchase another condo with the equity.

Thanks in advance.