Real Estate people please help, need opinions!?
I purchased my first property through a first time home buyer program, which gave me a rate of 5.49 on my first mortgage, and a second, interest free mortgage of $ 14,999. The whole $ 14,999 will be due in full if I no longer use it as my primary residence. I was thinking about refinancing this into one loan so I would have more flexibility with investing in more real estate. I know I would end up with a higher interest rate and payment. Do you think this is a good idea? I want to buy a duplex and live in one side, and rent out the property I live in now. I live in a college town and tenants are easy to come by.