Actually, it is 'Refinance after 4 MONTHS' - I am guessing rates would
not fluctuate that much in 4 months, but again who knows.

OTH, I was wondering if you have two loans with say 5% and 7% - Would
the principal and interest portions of the monthly payment differ other
than proportionally? In other words if one loan's monthly payment is
say $1500 (1200 Int + 300 Principal) can another loan at higher
interest rate be $2000 (1800 Int + 200 Principal)? This way though my
payment is only $500 higher, I am also losing on my equity build up by
another $100.

Pardon my ignorance, but I heard from many that this is a sleezy style
of business. If I can get to refinance in 4 months, say for the going
current rates and still get a cash back - why is it bad? Is it
illegal? I don't want to do anything illegal... Sorry, I did not mean
to disrespect your suggestion - but it is a genuine question.