Converting bank loans into Conventional mortgages
Hello All, I am trying to plan ahead for any possible ( imminent ) interest rate hikes. My situation is this: I have 2 investment and my private home with conventional mortgages and i also have 4 other properties with in house bank loans that ballon after 5 yrs (20 yr amortization). Since i dont see the rates anywhere but going up in the future, i would like to convert my bank loans into some kind of commercial or other type of fixed rate loan. I understand i am only allowed to have 4 conventional mortgages under my name, so i was planning on converting the higher interest rate bank loan property to my last conventional option but, i am not sure what to do with my other ones. My inhouse lender suggested when i initiated the loans I just refinance with them when he ballon comes up; but I am afraid the rates will be much higher then. I still have 3 to 4 years before some of this loans ballon. I also have come accross another property that i will like to buy but a little hesitant since I want to have a plan for this loans. I guess my options are bundle the loans under a commecial loan, or separate loans each property, try off and or sell some of the properties before the balloon, or risk the possibly refi with higher rates ( which is why I originally used the bank loans, lower rates).
I must also add thatthe bank loans are under a single member LLC. I have excellent credit score and my income is solid ( which is why my local lender is willing to keep financing me) I appreciate and welcome all your suggestions. Thank you
Gustavo