Should I refinance or not?

[Nate S.]

My mother passed away 2 years ago, I finally got the estate closed out and got my name on the title. The mortgage I am still paying is still in my mother's name but it has a HAMP incentive, so next year it will be finally exhausted crediting $5k off the loan balance. The mortgage at the moment is 2% interest and it's a balloon type. 

The house desperately needs a new roof, the church put the shingles on wrong. So high winds took a small portion off of it.I keep a tarp over for now. Also needs new siding as well. So I am trying to make the best decision.

It's either I refinance with a fix rate this year and get the roof/siding fixed or wait it out until next year, to get $5k taken off the loan. I know the interest rates are going to continue to increase as the economy is still doing good.