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To: Madharry who wrote (39655)	10/13/2010 12:33:12 PM
From: rllee	Respond to of 78655

Refinance mortgage - Good time to do it. I did it earlier but had to overcome a list of new restrictions for an investment property that I never had (I had refinanced this property 3 times earlier). Now, after I refinanced, I found out that the new lender requires me to jack up my previous fire insurance limit minimum to a higher amount although I have a large equity in the property. This cost me more money for insurance which I never expected or needed. Also, as interest rate dropped, mortgage companies & lenders edge up the fees/points to compensate for the reduced interest rates and lower payments. I opted for slightly higher interest rates in lieu of higher fees (I actually got a fee rebate at the end of the refinance for taking that program). I took this approach because this is an investment property and I was looking for a no fee loan so that I have no out-of-pocket cost to refinance (I got a fee rebate instead to reduce cost). You might pick a different approach for your own property since you plan to stay in it for a while. I, myself, don't know how long I might keep the investment property so I picked the program with the least up-front cost.