Better ask an expert !

Good luck !

You should wait until you have owned the property for at least one year. For one thing, it will be easier to get a lower fixed rate with 12 payments as long as you make them on time every month. For another, most lenders will only lend based on the sale price of the home for the first 12 months even if it does go up in value.
After one year, you may be able to get a higher value which will give you a lower LTV and thus a better rate. Plus once you add on the cost to do the loan, interest and penalties you may actually be going over the sale price of the home and will have to get a loan that lends above the value and those rates will be much higher anyway.
For example…..you bought the home for 147,600 so that will be the value of the home. Your unpaid balance would have to be less than 141,000 in order to add the 6600 to the loan to refi. And that is only if you do not escrow your taxes and insurance in which case it will have to be even lower. So if your unpaid balance is not low enough to add all that to the loan and stay under the sale price you will have to bring the money in to closing out of pocket. Chances are, it is in your best interest to stick with this loan for at least 12 months if not the whole 24 months.
Hope this helps!

so what exactly do you want? are you trying to ensure that you will not be priced out of the duplex due to montly cost when rates go up? are you struggling now? I would say wiat for the 30 year fixed. Might have no other option if the new appraised value is not over 151,200 because of the prepay.

Most mortgage companies will not refinance you until you have made at least 12 payments on your property. It will show them what kind of payer you are. If I were you I would leave your loan the way it is until it is ready to adjust in 2 years. If you have to pay approx. $6600 to refinance it is not worth it right now. Plus it seems like you are maxed out on your equity. I am sure you do not have that amount of money to put into a loan right now. Just remember since they are rentals you can always raise the rent amounts on the units when the lease is up. Before you know it you will be getting more monthly rent, and building equity. Don’t over think it. It is an investment. Think long term.

after 2 years value of the property will be different, then the time you were buying the house. nobody can tell what interest rate going to be in 2 years, but remember you can always sell your house if you can’t afford the new payments. rent will also go up if the interest rate will go up. now you buy property ,0% down payment, you probably pay $3000-$4000 closing costs and you going to “loose $2400 over 2 years? try to ask your stock broker to lend you his money for your stocks and take the risk like bank take with you to give you 100% financing. with your almost 0% investment, you have chance to make some money and i thing it’s pretty good deal. you want to play investor, you have take risks and learn and do better next time. good luck and stop whining in about every 2 hours.

We just bought a home with the similar program you have.
We were first told we would have to refinance the 2nd. year because the interest rate would go to the current mortgage rate of that year. We are now told we can refinance in 1 year to a fixed 30 year mortgage rate. You do not want anything like a variable rate mortgage, a balloon mortgage etc. The safest rate is locked in at a 30 yr. mortgage.

Property is a long term, at least 5year, investment. Expect to lose money now and gain money after 5 years, you cannot gain now and gain in future. To be fair.