If I was able to refinance both loans into a new one I was going to do a 5 or 7 year ARM, but it looks like that might not be an option at all given the appraisal hassle. And honestly, the savings between an ARM and a FRM just isn't very large nowadays.I'll let the LO at the lender I've been working with know about this new turn of events. If it turns out she can make something happen I'd still rather combine the two loans. But since Chase is making this cheap and easy for me she'll have to find something pretty quick. Quick and cheap. You have to look at the pay back, ie how many months it will take you to recoup your costs with savings. If you no longer have your primary mortgage to reduce greatly, the burden falls mostly on the second mortgage. Since you only expect to be there two years, this could be not worth your while. Do the math.IP
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