Refi Offer Comparison? Cash-Out or Not?

[Chad Coates]

I guess I'm cutting my teeth on my own place. I've been in an FHA for five years and having bought a foreclosure we have plenty of equity. After reviewing a few offers its clear that I can take 20K out and still have a monthly savings over my current P&I payment. I guess the question is: in refinancing to a new 30yr fixed are there any red flags or rookie mistakes I can look out for in comparing offers to refi? This is my first of many BP inquiries I'm sure ;)