Refi a few questions

[christopher w]

golf,

if you pay it after you close it will just shorten your amortization. if you are dead set on paying that 1K on your mortage then do it at closing to lower your loan amount. i think the point that myself and everyone else is trying to make is that there are much better places for you to put that money than on your mortgage. places where it will earn you interest.

[henryinma]

As everyone else said, keep that 1k somewhere else. With the soft rental market, you may just want to keep it handy in case the apartment is vacant for a month or two for whatever reason.

Also the insurance will probably be higher on a condo if it's not owner occupied. You probably should get some kind of liability insurance. If someone tripped and fell inside the unit, guess who they can sue?

Otherwise, probably a good idea to just rent it out for now. Shop around for rates, the lowest rates are typically regular mortgage products with 80% down and all that. Interest only loans typically have a slightly higher rate than conventional loans.