Refinancing an owner-occupied duplex to residential in Maine

[Eileen McCue]

I am currently in the final stages of a live-in rehab on a duplex that I am planning to BRRR. This will continue to be my primary residence and is currently under a commercial loan. I am looking to refinance to a 15 or 30 year residential mortgage to lock in lower rates, but my usual lender is talking about issues underwriting for a portfolio loan on a 2-unit even if it is owner occupied. Has anyone else run into this issue? It is making the refinance on this a bit tricky. We could continue with the commercial loan as the rate is pretty low, but locking in a residential rate for 30 years would likely lower our monthly payment by $500 or so, which is significant.

Has anyone in Maine (especially central to mid-coast) had success with a local bank in this type of situation?  I would be grateful for any recommendations!  Thanks, Eileen

[Bob Langworthy]

@Eileen McCue, I haven't refinanced an owner-occupied duplex, but I just refinanced (cash out) a duplex in Lisbon Falls with Tyler Zamore of Bath Savings in Brunswick. Justin Laverierre of Mechanics Savings in Brunswick could also find a way to get it done.

Hope this helps,