Want that coveted fixed rate in the 4’s? Oh yeah – it’s still here, never really went away. But toss in any cash out pricing adjustments and loan to value adjustments and mix in a subpar by today’s lending standard credit score and you may find a refinance is counterproductive. Not many months ago a 580 credit score would qualify for a 100% stated income programs. Now the pricing hits start at – get this – scores under 740.

By the way, what's it like to suck on a hose connected to a toilet? How many more billions can we give and let this mess continue. Talk about 1 step forward and three steps backward.

Wait a minute; didn’t we all hear President Obama tell us loans were going to be plentiful? Fannie and Freddie, you know the guys the government had to take over and whose stocks are trading in the 30 cent range are stating that tighter credit standards are leading to better performing loans. No damn kidding! Loans today are underwritten to such tight standards every deal is odds on favorites to perform and not default.

The way I see it, Obama, the Fed and whoever else has a say in this mess are sending the message to refinance and buy houses to stimulate the economy. But they must be living with blinders on as every new guideline change makes it that much more difficult to qualify for a loan. Timing is everything if you are contemplating refinancing – especially if cash out is on your agenda.