Co-op Refinance in NJ

[Neel Sheth]

We purchased a 1b1B w/basement co-op unit in NJ in Jan 2019. Loan term was 15 years. We refinanced (15yr term again at a lower rate) in November 2019, since the rates had dropped significantly. We plan on living here for the next 3-4 years and then renting it out as our family grows.

I realized we should have kept the monthly payments low in order to have some positive cash flow when the place is rented out in the future. Now we plan to refinance to a 20 year loan in order to reduce monthly payments, since rates have further lowered. Is this a smart move to refinance a second time within the first 2 years if buying the property?