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I haven't closed yet... I did some rate comparisons online and I will be paying a lot more monthly for a 2nd mortgage that I would with a full house refi. For some reason they want to charge me 9+ % for a 2nd morgage of 30k. I currently have an equity line open that I've taken 20k out of. My interest rate started at 8.5 and it's up around 10% now...
I've done my homework a bit on this and I definitely think the refi is the way to go for me. I've also decided to just leave the additional money in the house since I'll probably be selling in a couple years anyways. I can invest whatever I don't put into my next home at that time.
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