[MRM]

Run far and run fast. Despite the admonition above, I question your agent's judgment, if nothing else, for suggesting such a thing. Call the bank you have your checking and savings with, call their biggest competitor, and call whoever you have your old mortgage with. Tell each what the other is offering and take the one that emerges as the best deal. Don't try anything tricky or exotic when you're doing your mortgage. Too many ways to slip up and if you do, it's your house.