Please, before you go any farther, look at your Mortgage Note, and any and all riders associated with your property. You got (I am sure) a big package at the closing table in October. Look them over carefully for a pre-payment pentality. You may have one and if so, what is the percent. If it is 2 percent based over a 2 yr period or a 3 yr (which is normal) broken down over a 3 yr like a 3-2-1 percent.
2nd you would have closing costs associated with your loan again. If you do refi, than contact the title company you recently used and see if you can use them again, since you already have had title insurance with them, and they would still have all your information on file. That may save you $$$$.
3rd, since you are in a interest only now - nothing has been paid on your mtg. And you have only paid 1 payment on the interest (if it was due in December). A new lender will want to see the mortgage history - - and you may have a seasoning issue on having to use the orginal appraised value vs. the new appraised value. So lenders will require you to be in the property 6 months, and others 12 months....to go off the NEW appraised value. If I were you, I would wait 1 yr (12 months) of payment history to be reported (Or at least 6 months) to go off a NEW appriased value.....Values may go up even more in 4 months time, in the Los Angeles area.
Based on the informaiton you mentioned, you could in 4 months (best if it is 6 months) have a appraisal done (after you get qualified) for a 617,500 loan (That is 95 percent of 650,000). That would pay off your first and 2nd, if you do not have a pp (Pre-Payment). You could even call your Lender and see if you have a PP. But check your paperwork (ok).
If your credit is good, and it sounds like it is, than a 6.125 on a JUmbo is not unheard of with a payment of $2,534
Go to: www.interest.com or www.rates.interest.com
National Mortgage Rates
12/18/2006 8:48:31 PM
30 Yr Fixed Jumbo 6.11%
15 Yr Fixed Jumbo 5.90%
Good Luck - the Loan Process can be fun - at least I love being a Broker, getting to help my clients is rewarding to me. Find a Broker who cares and will go over the full loan process with you and be in contact with you daily. The one on one customer service is important, to you, the client, to let you know the whole loan process
Wanda Ellis, Branch Manager
AmeriMortgage Financial Group
7 yrs in the Mortgage Business