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Fuskie - WOW, great stuff! Thanks a bunch.

You wrote:

As for refinancing, you should ignore the banks and talk to a credit union. As a teacher you almost certainly have access to one. See if they can offer you a loan product that you can make work for you. It is a risk getting a fresh valuation of your house, but worst case is you don't refinance and your original bank loans remain the same.

^^^^our second mortgage, which is just a little over a year old - here are the terms on it:

15 year loan - 5.25% interest -- Payoff amount -- aprox. 28k

Ironically, it is with a credit union. Last year when trying to get a HEL, our bank that has our first mortgage was a FULL TWO PERCENTAGE points higher than this slick little credit union called 'Meritrust'.

Are you saying I should look specifically for some kind of teacher's credit union?

I think (National Foundation for Credit Counseling) would be GREAT! I'll look into it.

Thanks a bunch!

And even if we have zero monthly cash flow at this moment . . . they wont laugh us out of the building?
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