1st purchase, what would you do?

[Joshua Bailey]

I'm under contract for my 1st property. I looked for weeks trying to get a lender that had a manageable down payment who also accepted gift funds ( borrowing most of my down payment ). Finally found a lender who does and has a 20% down payment when everyone else was 25-30%. The downside is that the mortgage is 20yr and a variable rate currently at 5.3%. Im buying it for 75k and expect the appraisal to come in around 85-95k

Hes selling to me for what he paid in 05'. After the purchase would you refinance asap into a 30yr fixed rate or just keep the original loan? Cash flow would increase about 100 dollars with refinance. Im hoping to only have to put around 10-15% down if appraisal comes in good.