There is some risk and, yes, your mortgage will go up, but it you purchase a good, cash flowing rental, it will more than make up for the extra payment

I started a remodeling LLC which has grossed/netted 15k/10k since June working random nights and weekends but they won't count that until it's been established for 2 years (although that extra cash helps). 

@Andy MirzaThe ERISA plan asset rules may come into play if pension funds are used unless the funds main line of business is the development of real estate (REOC), or the fund is a publicly traded company registered under the Investment Company Act of 1940.To qualify as a REOC the fund must invest at minimum 50% of its assets in qualifying real estate considered managed or being developed.

Once they lose a case due to procedure, they become bitter and remorseful for not spending the extra money to have it done professionally. 

I have an opportunity to develop a 20 acre parcel in Shelby County Ky.

Basically conduct an IPB of your market, schools, median incomes, appreciation, future business developments, etc. etc.

My name is James, i'm 33 years old living in Cleveland and I have developed a real fire inside myself!

This can lead to discounts and extra perks as they will witness your commitment in building relationships within the real estate community. 

also what 30 yr fixed  rate are you considering and what are the closing costs/ loan fees  associated  with the refinance …..you might ask  for  " low cost "  rate options for the refinance  in order to keep these expenses down …...if you refinance the loan to a new  30 yr fixed in order to make it cash flow better - always keep in mind that you can  apply extra payments to the new loan to  whittle the balance down

My background is in predevelopment, I have over 8+ years experience in permitting (residential), surveying (platting),  some commercial real estate, marketing and I'm also a real estate photographer, so I'm very knowledgable in those areas and wear many hats, but I'm clueless when it comes to the areas that follow after development.