I thought of the 15 year refi- but left it out because he say’s he needs a downpayment in the not so distant future. I recommended he think about getting his future down payment out or lined up now and watching cash flow too, for future loan qualification. 15 year might hurt the cash flow in that scenario? If he has a really great fixed currently he might want to line up a HELOC.
YES there is risk. But with the heloc you don’t have to use it unless at a future date things looks so good for buying that it is a no brainer. Doesn’t involve paying so much in refi-fees and the original poster should have a rate that can’t be beat.
