[Nephythys]

Originally Posted by Ghoulish Delight

I think he's referring to your mention that the second loan would be available as a line of credit. It seemed to infer that you might use it as such.

Naw- I was just repeating the info from the woman at Chase. I have no plan to use the money.

And I guess I'm a little confused as to your goal, since you said initially "I wanted to get money out of it (if possible) to consolidate debt."

It was a goal- but did not work out that way based on the #'s she gave me. So no, I would not be using this for debt consolidation.

So, in the end what Alex and I are saying is, unless you need the extra $150/month as liquid cash or you need to consolidate your debt, you're better off waiting or finding other options than taking an interest-only loan for now. As long as you've got plenty of time before your balloon payment kicks in, you aren't doing yourself any favors by refinancing before the penalty period is over. The goal is to refinance as few times as you can get away with since each time you do it's going to cost you up front.

I actually sent the lender a document with a lot of the info I have gathered from you guys (and others)-

I have alot of questions now- and obviously need to know more about it before doing anything more.