Philadelphia, PA · Member since 2013 · 6 posts · 0 votes
Hi all, I'm wondering if it's worth looking into refinancing w/ a commercial loan? I currently have a 3 unit Mixed-Use property that I acquired 3 years ago under a FHA 203b (30 years @ 4.625% + Mortgage Insurance). I've got 35%+ equity and I'm thinking even if I end up with a higher rate, I'd still see monthly savings w/ a commercial loan because I wouldn't be forced to carry mortgage insurance. Is this assumption correct? What are the rates today for mixed use properties @ 30 year amortization?
Philadelphia, PA · Member since 2013 · 6 posts · 0 votes
6y
The property is mixed use (2 apts above a commercial ground level). My understanding is that you can't get a conventional on a multi-family or commercial investment properties. am I missing something?