Refi loan Help!!! bank vs private lender

[David Martinez]

Hey guys and girls. i am new here i am from colombia and i would like some help.

how i already write i am from Colombia, i already have a condo in Fl and i would like to refi. the condo its all pay, i dont have a loan. but i have been waching too much youtube biggerpockets podcast, and i want to refi my condo so i can buy a new property. 

The thing here is, some lenders give me a interes rate 10% they are private lenders but they give me 30 years fix rate.

In the other hand some lenders work with banks and the give 5,5% interest rate but it is only fix for the first 5 years.

so i dont know if its a good idea to get the 5,5% and in 5 years i have to refi again so it will be fix for another 5 years(who knows what the interes rate will be) or go with 10% and be more safe.

if anybody have any advise it would be great, or maybe if anybody have some experience with this loans could help me because maybe there are somo hiden cost or something like that.

Thank you!