My ARM on my rental (not a rental by choice) went down again this year to 2.65%. Wish other one was that low.

Would you believe the letter I have from last year has faded and smeared and I can't read it anymore? I don't know where the closing paperwork is that explains my margin and caps. I just know it's tied to LIBOR. I would love for it to keep going down, since I'm negative every month from the rent.

Noah, I have a conventional loan, owned the house 14 years and it was a jumbo, but I've paid most of that off. Where you get hosed on a re-fi is when you have 20 years left on the loan and re-fi for 30. You should always re-fi for the same number of years, or less.

Hugh, you only get hosed if you extend the term and don't pay it down early. Noah930 is a lot closer to my age than he is to yours. He should take the longest term he can get and then make double payments. You should knock out your loan as fast as you can and move to AZ or NV.