Live in FL and in an upside down mortgage with a 5/1 ARM interest only that is due to adjust in about 9 months. I have been approved for refinancing under one of the federal plans allowing me to finance more than 105% of value of home. In doing so I'll be increasing my mortgage by about another $5K, will have to bring $2,500 closing costs, and also need to pay off some outstanding debt ($6,400) on a home equity loan. Mortgage rate provided on the refi was under 6% so not bad.

I have ways I can do this but would would rather wait a few months to pay off the loans, and save for the closing. Should I jump at this while I have a chance? Is there a risk that either a) the federal plans will go away, or b) interest rates will jump up? Or is there no harm in waiting?

only way interest rates are going is up, when in detail is the money question, my crystal ball is dark

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