Bringing her FI expertise to the Money Podcast has been great addition. 

I have 6 houses in Fredericksburg, TX that we built from the ground up using a construction loan, that just recently rolled over into a 25 year at 4.5% principal and interest until the maturity date of April, 2027 where it will be a balloon payment.Due to the rising interest rates, I wanted to see when is the soonest I could re-fi out of the current loan with a cash option to lock in a 25-30 year rate and pull out some cash that was used for the build.

There is some pretty big upside potential on them given that FHA appears to be in the process of changing its rules to be more accommodating of them: http://articles.latimes.com/2012/may/20/business/la-fi-harney-20120520.

@Colleen F,I will tell you that most likely you do not need to issue a w-2 to your son.What does he do that is as an employee?

Apparently this was missed by not only my first closing but a re-fi closing as well,  It was originally filed in 2008 the re filed again in 2013,It is for a water softener and water treatment system,   Note that it was listed on the HUD listing sheet when I bought it in the summer of 2010.Accrued penalties and interest now are about $14000,     The Finance Company that filed this has been less than courteous to not only me but the representative of the bank as this became known,Any suggestions ?

@Andreas F. I

Drawbacks (as a total n00b sees them anyway) - You're going to pay 'closing' twice (your points on the private money plus the re-fi.)

Originally posted by @Andres F.:I

Charleston, SC. I

Your re-fi is going to be 75% of ARV or some banks are only going to refi the 55k.