[rattlsnak]

Submitted my app to get my house refinanced and have two options. Right now, we are 10 years into a 30 year mortgage. I am consolidating a equity line account into one loan with my original mortgage. Since the interest rate is 2.5% cheaper, I can get the new amount for the same exact payment I am making now, but for another 30 years, or I can go with 20 years for a few hundred more a month. The issue is, I am losing my job in a few months (getting furloughed) and although I have a few things temporarliy lined up, I dont want to commit to a higher payment right now. So if I were to opt for the 30 year rate, when things get better and I land another secure job, couldn't I just pay a few hundred more a month (principle only) on the 30 year and come out the same as I would have by getting the 20 year rate to start with? (I realize that the 20 year rate is the better way to go if I could be sure I could afford it.)