Posted by Maiysha on July 12, 2003 at 07:23:14:
Refinancing is a loan you do when you want to payoff bills and consolidate your payments in to one payment or when you want to get some equity out with out making two payments. Once you have the property then you should be able to do things financial with it that you weren’t able to do before you bought it. For example: getting the full-appraised amount of the property instead of a percentage of it
By working this deal the way you are your property will more than likely appraise for more than it does now so that is automatic equity. Giving you money and something to work with when you refinance should you at that time see something else you want to buy.
Hope this helped! Good luck!