Seller Financing Refinance

[Evan O'Brien]

Hello BiggerPockets Community. If you purchase a rental property through seller financing, is it possible to refinance the property into a conventional loan? If this is a possibility, what steps would need to be taken to refinance a seller financed property into a conventional mortgage?

[Joe Villeneuve]

Originally posted by @Evan O'Brien:

@Joe Villeneuve hypothetically let’s say that I got a low down payment for a property through seller financing at 10% but the interest rate on the mortgage was 7% on a 20 year loan. I wasn’t sure if it would be possible to refinance the property into a conventional mortgage with a 30 year loan with a lower interest rate

 What would the terms be on the refi loan?  What are the numbers with $$$ in front...all of them.  This is an unanswerable question.  It's like asking ,"if I were to buy a car, and I wanted to sell it, would that be a good idea?