If you're planning to sell your home in a couple of years, why are you getting a 30 year FRM? What are you going to do with the other 28 years of interest rate guarantee?

Well, we're not positive we're going to be selling in a couple of years, but that's the plan. Regardless, a 30yr FRM is all that Chase was offering as part of this streamlined refi program. If they had a shorter term available I would have taken it.

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.