15 year term then refinance to 30 year?

[Andrew Gomez]

I am currently looking for my first investment property which will be a house hack!

At this point i would like to purchase the home on a 15 year term for the first 8 months or so and as i get roommates consistently pay less of a the mortgage.

Then after that initial period i am going to refinance the home into a 30 year loan reducing the monthly mortgage and effectively getting my money back

Is there anything wrong this my plan?

[Dalyn Hazell]

I don't see a good reason for doing that since you'll pay 2 sets of closing costs. Also, interest rates may increase after your "initial period". They are historically low right now. Why not secure a 15 or 30-year right away be done with it?