Private Lender Current Mtg - Any Refi Issues? (interest rate, rate, refinancing)
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Our current mortgage is with a private lender at a high interest rate on a short term (1 year interest only) contract. Lender is agreeable to modifying the contract so we can refi at the present lower interest rates -- as long as he gets his years' worth of payments. At the moment, that's roughly $9,000. We've owned the property now for 5 months.
Before starting the process of seeking the refinancing, will lenders generally let you include what is still owed to a private lender?
Are there any other matters involved when refinancing from a private lending situation that we should be aware of?