Home Purchase Mortgage Calculators
Mortgage Program Calculators
Based on the information you provided, your mortgage refinance options are relatively limited. I do not know how long you have owned the property but lender guidelines typically require borrowers to wait at least six months from the date of purchase before you can refinance. Also, if you have done significant renovations to the property such as a "fix & flip", lender guidelines usually require you to wait one year before the post-renovation value of the property can be used for the purpose of qualifying for a new mortgage, unless you have a construction-to-permanent (C2P) loan. Additionally, I am not aware of any traditional mortgage lenders that will refinance a mortgage on a property that is currently listed for sale and many traditional lenders require a six month waiting period after a property has been taken off the market before they will approve a mortgage.
Given these challenges, I think your only traditional lending option is to contact a credit union or local bank that may be able to apply more flexible qualification guidelines. It think this option is unlikely but it cannot hurt to try and you can use our INTEREST RATES function to contact lenders near year.
If you cannot refinance through a traditional lender then another hard money loan may be your only financing option. You may be able to extend your loan with your current lender or find a new hard money lender that offers better terms. As you are aware, hard money loans can be very expensive so it seems like your best course of action may be to sell the property and forgo the refinance altogether.