Vacation is over

I return to school this week and I am wishing I didn't dawdle so much.  Only in regards to paperwork, I finished redecorating my living room and it looks amazing.  When it comes to paperwork though I have lapsed and combining that with the governments non-release of needed forms....I'm going to be loaded down for quite a while.  I even received a gigantic fax of work last night at about 8 pm; work that I thought would have arrived much earlier.  Anyhow, I work better under pressure - lets see how I progress now.

On another note - we saw the in-laws yesterday and the refinance came up.  It is true they (the in-laws) are primed to invest in us. I need to draw up the documents and they need to order release of their savings that could be a week or so to complete.  I'm okay with this, because I see it coming. The really fabulous news came when we were discussing the rates.

The note is a 'commercial' note.  What this means is it is not on our primary residence and it calls for a higher rate on the open market - i.e. more risk to the lender.  Rates are still really good for this sort of loan, but since my banker has not given me any word on them I can only guess to the 'true' rate we would garner on the refi.  My guess is that the note would run us 5-5.75%.  I'm guessing based on our company lines and various commercial notes. 

When I was asked yesterday what rate I thought was the going rate, I answered honestly stating the above.  The last note we refinanced using this avenue was taken at 5% and I would be fine in this range again.  Well I nearly jumped for joy when they offered the money at 4%.  Yay!!!  That is more in line with personal mortgage rates. 

This refinance is going to boost our efforts tremendously.  FYI - I have not notified our banker that their services for this matter are now unnecessary.  I'm tired of chasing them.  Lets see how long until they notice the note has been eradicated.  Maybe I am even disgruntled since I requested information on the refinance in November.  This movement will leave only one mortgage (not including operating lines and equity line) in their grips and it will not be moved for at least 2 more years.