I am in a similar position as you, in that I have a 5/1 ARM, with the 5 year fixed rate at 4.75%. In the coming years I am looking at anywhere from 6.75 to 9.75%. While I do not look forward to this, and am tempted to plea for, at the very least, a lower lifetime cap, I know the bank will not even consider the request. As someone said, why would they re-do a performing loan? Think about the closing costs in refinancing. It will add up to at least $15-20k. Rather than just give that money to the bank, use that money to begin pre-paying on your current loan. You are effectively reducing your interest, without it costing you unnecessary and excessive fees. Here is an ARM calculator to help you figure this out. Just one man's opinion. Thanks for listening.
http://www.vertex42.com/ExcelTemplates/arm-calculator.html

Posted by: markepa2 at October 10, 2007 11:31 AM in response to Renegotiating a Mortgage: One Man's Quest

Gates Ave, Quincy St, Clifton Pl, Greene Ave, and Monroe St, between Nostrand and Classon are very decent blocks that are also on the Manhattan side of the projects. They are borderline Clinton Hill, w/o the Clinton Hill prices and within striking distamce of the A/C/G trains at Nostrand & Bedford Aves.

Posted by: markepa2 at December 11, 2007 8:24 AM in response to Which blocks in Bed Stuy are the nicest?

greene ave btwn bedford&nostrand!

Posted by: guest at December 11, 2007 11:33 AM in response to Which blocks in Bed Stuy are the nicest?

http://gentryornot.blogspot.com/2007/11/tribute-to-james-taylors-carolina-in-my.html

None

Posted by: guest at December 11, 2007 12:33 PM in response to Which blocks in Bed Stuy are the nicest?

12:33 , you are so 1985, it hurts. get a clue!

Posted by: guest at December 11, 2007 1:03 PM in response to Which blocks in Bed Stuy are the nicest?

You may want to think about it like this. You absolutely have to spend time in the area. Walk around as has been suggested. But first find a house that you like. Then investigate that block and surrounding area. People always told me, Decatur & MacDonough were the best blocks between Lewis & Stuyvesant. But a beutiful house became available a bit further north on Putnam. So I started spending time on that block, walking around and talking to the people in the neighborhood, not only did I get to know my potential neighbors, I got a good deal of information about the house. I ended up getting the house at a considerable discount and found that the people that had just purchased the brownstones on both sides were GREAT people and very concerned about the neighborhood. We've got a good thing going on Putnam and I'm kind of glad its a bit below the radar. Not too difficult a walk to the A if you need it, but we have a car and prefer to drive to the 'G' train.

Neighbors are wonderful and everyone cares about the block.

Good luck in your search

Posted by: guest at December 11, 2007 4:47 PM in response to Which blocks in Bed Stuy are the nicest?

I have to agree with 4:47.

We were looking for a house on a more "known" block, but found a house on Van Buren, on a street that looked vaguely pretty and had nice cars, but that we knew nothing else about. So we hung out. We talked to all the neighbors. Parked our car in front of the house and walked to dinner. Walked around at night. Walked around during the day. Walked to the train. Walked to the Met. Talked to people all the time.

Found out, basically, that every single thing about the house that we had no power to change is A-OK. The train is close. The neighbors are more than neighborly. It's not scary. We can get to at least most of the things we need.

Posted by: guest at December 11, 2007 8:21 PM in response to Which blocks in Bed Stuy are the nicest?

Answer to 11:47 pm from yesterday, from "10:47 pm." The projects are not that massive - there's a home for the elderly on one side of Halsey and then a smallish set of projects buildings on the other. But also - we go to that park almost every day, and its proximity to the projects isn't really an issue. There are great families there all the time. We avoid it at night, like any smart people would anywhere at all in NYC. But we've had no trouble and, like I said, really like living here.

Posted by: guest at December 12, 2007 1:22 AM in response to Which blocks in Bed Stuy are the nicest?