Conference tallis::real_estate

We have decided to refinance our house.  We will be selling probably about
the same time next year making our stay in the house hopefully about a year
and half so we're interested in the lowest possible adjustable rate with
no points.  

I'm running into some different rates but they seem to differ greatly
in the amount of closing costs and I'm alittle confused.  I have four
options after many hours of research and they are:


Option 1:  East/West Mortgage Company (Ed Mitchell)

MONEY UP FRONT NEEDED:  $199.00 Appraisal and credit check

Terms:  6.50% Adj Rate 2/6 cap Lifetime

NOTE:  With $1500 closing costs rolled in which takes approximately 3 years 
       to get back according to the other banks.  How did they figure this
       because I figured we would pay off this increase in the loan in 9
       months.


Option 2:  Mortgage Master Company (Dave Gibs)

MONEY UP FRONT NEEDED:  $250.00 Appraisal and credit check

Terms: 6.875%/ Adj Rate 2/6 cap Lifetime

NOTE:  No closing costs at all.  They pay completely!


Option 3:  Monument Mortgage (Joanne)

MONEY UP FRONT NEEDED:  None or $200.00

a.  6.75% Adj Rate

NOTE:  $500 in closing fees

b.  6.35% Adj Rate

NOTE:  $1500 in closing fees and appraisal of $200 wrapped into
        new loan

Option 4:  Fairfield Mortgage (Tanya Willis)


MONEY NEEDED:  $200 Appraisal

5.99% Adj. Rate but not sure terms.

$1200 in closing fees (approximately).

Added bonus:  Will close in two weeks (rest are saying 30 days).


Any help in determining the best option would be most appreciated!  Thanks..

cj            

    .97 cj
    
    thanks for that info.  which state are you in?
    
      *Susan*

    I am in Massachusetts.  Right now anyways. :)
    
    cj

    Don't do G.E. Mortgage!!

Most rates are within a quarter point.  I suggest you ask what 
percentage of their loans are sold off.  I had a load bounced 3 
times before ending up with GMAC. Nothing like a letter wtih 
320 pay coupons like the tax rate would be frozen for the next 3 
decades and no monthly statements. The service was so poor i 
refinanced so I wouldn't have to deal with them.

I have had very good luck with Salem 5 in Salem mass. Used 
them twice. Also Lowell 5 saving retains the majority of their 
loans , sends monthly statements, and both are also easy to 
work with.


YMMV