The reason 2011-2013 was a once in a lifetime opportunity is precise because low prices converged with available debt, a perfect circumstance.

If you plan to refinance further out - say at 6-months after affecting renovations to the property - then it is probably more advantageous to place a closed-term variable mortgage (3yr or 5y whichever is more favourable) and then pay the penalty (3-months interest) to break the financing an re-finance ... a few minutes with a pencil will let you know precisely where than line falls.In your instance you could talk to your lender about working-up both "open" and "closed variable" financing.  

To be precise, i had purchased this property for $405K in 2014 and now market value could be around $550K.

@Jay Hinrichs is precisely right!

My accountant has a plan to buy 2-3 million apartment buildings for cash with 4 partners in precisely his area where he has the expertise and put the lipstick on them and flip them in a few months each.

The way I see it, this is precisely what I wanted it to be and will continue to be: a learning experience.

My background in construction, property management, investment, rehab, local ordinances, zoning, and my killer team of professionals that always answer my call make it easy for me to quickly and precisely answer any concerns that someone may have in regards to real estate.  

To be precise.. for a January 8 move-in, you would do 24 days / 31 days * $1000 = $774.19

When we bought our first primary residence I qualified at a 5-year fixed rate at 12-14% (I cannot remember precisely), but the rate 5-year term variable rate mortgage was over 1% less ... and the product was convertible into a fixed rate mortgage (of equal or longer duration than the balance of my term) at any time ... so if, I got cold feet, there was an easy, albeit expensive, way to piece of mind.  

:lol: Sorry, maybe I should have been more precise.