we have a house valued at 124k, we owe 60k on it, at 4.75 rate. we are thinking of refinacing that 60k we would put 20k down on the refinance, leaving us with a 40k mortgage. why you ask. my wife will be forced out of her job, within the next yr to yr and a half, cutting our income, and we are thinking this would be a good way to lower the house payment, to free up extra cash when this happens. pros?? cons?? other than a higher interest rt, we dont see any major downside to this. am i missing any??