Refi or not

[Jesse Poll]

The reason I wrote this hear is because I do not know BP well enough to know where to put it yet.

Need some feedback.

I was getting ready to refi my personal home and started thinking it may not be to my advantage at this point.

Current mortgage $192000 at 5.75%
30yr that balloons in 20yrs.
PMT $1145 not including TI. Pay those separate.

Lender told me that it would save me around $250 Mth ballpark.

The reason for my doubt is that property values in my area are all over the map and there are literally no comps to compare. I live in a rural area. I had 20% in 2010 but not sure now. I want to roll in closing cost to preserve cash.

If I follow through with this loan and the appraisal comes back low I am out $650 because it does not make sense for me to pay PMI on FHA which I will be paying almost the same amount anyway.

I am preparing to purchase a MFP to live in one of the units for the next 3-4 years about 3 hrs away from my home. This is because I am already renting a room here and my wife is coming to do an internship. My thinking is that the rents on the other units will help pay for my second home, and I will be able to finance it as such instead of an investment property. I want to keep what cash I have on hand for this purpose.

One other consideration would be that when my wife gets done with her internship our intention is to open a women's sanctuary on the property we live at. At that point we will be building a dormitory and need to refi then. This however is contingent on us getting the neighborhood rezoned commercial. (Highly unlikely but we are going to give it our best.) We have many hurtles in the next few years. If this does not happen we will be moving to somewhere that we can make it work.

I need to add that I am a new investor with an extremely nervous wife. I need to take caution in my decisions for her sake.

Also I need to consider that I have two kids getting married within the next six months.

I realize this is a lot to consider but there it is. I hope that I haven't missed anything.

Thank you.
Jesse