It is now August 23, 2007 and for the next several weeks Best Pick Home Loans will post to its blog: http://bestpickhomeloans.com/blog the results of its attempt to refinance a $80,000 loan. Here is the situation: My girlfriend has owned her Condominium for about 8 years. She purchased it about 8 years ago for about $100,000 in Emeryville, California at the Watergate Condominiums. She has excellent credit - about 790 average score and the condo is now worth anywhere from $280 to $300K. She last refinanced her mortgage 4 years ago and got an 3/1 interest only ARM from Citibank at an introductory rate of 3.75%. Last year it jumped to 5.75% and this year it will reset to 7.75%. She finally decided it was time to refinance out of it. Well her timing is perfect as we are in the midst of the subprime mortgage meltdown - not. This blog will be a chronicle of what we find as we research getting out of the current loan and into another more sane product.

Check out the Blog at Best Pick Home Loans for a chronicle of our quest to find the optimal refinance ...