I do find the concept very intriguing. Although your house payments clearly go up, in the end you pay a lot less interest.
I think instead of trying to refinance at this time, there are some other options the article suggests that we're looking into.
- Bi-weekly payments: Essentially you end up paying 13 months instead of 12 for each year. However, there is often a fee associated with this, so depending on terms it may not be the best option.
- Send an additional payment equal to next month's principal. This way you can accelerate paying down the principal.
The article lays out good pros and cons for each approach. Has anyone tried any of these methods or have other suggestions?