[quote=flu]I’m not going to try to provide mortgage advice, since I’m not a loan officer. The best bet would be fore you to consult a loan guy. There is a guy that occasionally visits here named “HLS”. Send him a private message from your account ,and he’s usually pretty good at responding over PM….[/quote]
I would have to agree, you should probably talk to a loan officer. But I get what you are trying to do. You would rather lock in the rate on the first right now with a lower monthly payment and get the 2nd on the difference to get a lower interest only payment; knowing that you’ll pay that off in couple years. To me it seems logical, but you’ll have a variable interest rate on the second and it might be higher. Not sure if this option exists, but you might be able to have a fixed 5/5 or 10/10 rate on the 2nd too if you want to lock in the rate. From what it sounds like though, I’m assuming you have a cash flow problem instead of a leverage problem…or maybe both. If that’s the case the 5 or 10 year amort. won’t work.