[mitchntx]

... now is probably the best time to do so. Thought I would share ...

I close on a refi Monday at a 3% rate (IMG:http://www.frrax.com/rrforum/style_emoticons/default/blink.gif)

I have enough equity, that I'm cashing out enough to be debt free on everything except my mortgage, obviously.
Increasing the term by 7 years and the monthly payment is going down $100/month.

My home appraised for a LOT more than I first thought it would ... a LOT.

During my appraisal, I learned quite a bit ...

A kitchen remodel/update will get you about 120% of the money you spend.
New paint and tile in a bathroom is not considered an "update" ... bupkis.
A new 16 SEER HVAC ... bupkis.

A 1200 sq/ft shop will modify the appraisal $25K ... according to the appraiser, it would take $60K to replace it.
I need to chat with my insurance agent ...

I shopped around for a lender. I contacted several brokers and wound up with 4 GFEs.
When I chose my broker and started the process, I learned that my Credit Score took a hit ... a pretty substantial hit ... due to numerous pulls of my credit score from all those lenders. Really?
This came back to bite me in the end. Lots more more paperwork, documentation and a couple grand in by-down points.

But, the lender allowed me to negotiate and purchase many of the required processes, like a survey. I was able to save a couple hundred by negotiating outside the title company process. And the same holds true for a title company. I was able to negotiate a reduce fee structure by allowing me to freelance much of the documentation. I've been working nights the last few weeks, so I can pull records and do much of the leg work. Again saved several hundred bucks all used for the buy down points to get me at 3%.

The survey was interesting. My shop is built 6" into an easement. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif)
Neighbors to the south have their fence running almost a foot into my property. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif) (IMG:http://www.frrax.com/rrforum/style_emoticons/default/dry.gif)
I have 5% more land than what was on my original survey. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/cool2.gif)

It's taken several weeks longer than normal because of the route I chose.
But I learned a lot about the process, the post bail-out red tape, where to spend money, how to work the system ...

Any way, just thought I'd share ...

[CrashTestDummy]

It's good to know the property values are going up. We refinanced two years ago. It was the second refi for us, with the first one being to get equity to get our shop built. With the second refi, to take advantage of the new interest rates, our 2.5 acres property WITH a $140K shop on it appraised for $20K LESS than it did to get the cash to build the shop!! And we didn't just throw up a pole barn!

Anyway, yes, the refi significantly reduced our note. Our interest rate we got then is about 4-3/8%, and the payments are about 2/3 what we were paying before. We're still making payments that are almost as much as we were before, to pay down the note early, but we're also now able to save up for the big ticket items, like slicks and a new engine for the Firebird. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/rolleyes.gif)

And yeah, don't get any credit checks until you're ready to refinance. That includes getting a new car, or financing that plasma TV. Even those 'don't make any payments for a year' things. They are still loans, and you'll get a credit check which will affect your credit rating. Yes, it's really, really stupid, but that's the way they've set it up.

It's nice to know home appraisals have gone up, and now's a great time to pull the trigger on a refi, if you can swing it.