[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 ...

[FBody383]

Man, I need to go see the CrashTest shop.

Maybe I am part of the 99%. I had a note in my BofA statement a couple months ago that I may qualify for HARP: http://www.makinghomeaffordable.gov/progra...Pages/harp.aspx

I figure with the current prepayments, the house will be done in about 5 years but if I can get a rate reduction using my own tax money, I might as well try it. BofA rep told me they pull credit on everybody on the loan, wife and I, and show an offer on a new rate.

The irrational side of me says re-fi and pull every dollar I can out at these rates.

[mitchntx]

I was suprised at the costs associated with buying down to the 3% rate. At the loan amount and rate, a point didn't amount to a whole lot.

Man, I need to go see the CrashTest shop.

I was shocked to say the least.

I built the thing in '99 for under 10K

The irrational side of me says re-fi and pull every dollar I can out at these rates.

You understand just how tempting that is.
I mean who wouldn't jump at a credit card with a fixed and GUARANTEED NEVER TO CHANGE 3% ...