I would like to refinance a commercial property and payoff a second mortgage?

Question by carmen p: I would like to refinance a commercial property and payoff a second mortgage?
I have a second mortgage on my personal property with a 6.50% I want to refinance a commercial property and pay off that second mortgage. My first mortgage has a 4.7% My commercial property has a 6.50% This is a 5 year balloon rate the 5th year is quickly approaching. What should i do? Would this be in my best intersest?

Best answer:

Answer by Akbar B
Yes you should refinance if you have the income to support it. It sounds like a good plan, good luck.

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