Ok, here's what I've got to report... I called American home Mortgage, which is who holds my loan currently. And was told "We are not currently writting any new loans or refinances due to th status of our company." Doesn't sound good for them! So, I called my bank (USAA) and checked what they were offering. They said their rate is 6.375% and they will loan up to 90% of the value. Since I refinanced just under 2 years ago (2 years at the end of sept) and I've only owned the house for 3 years, I'd have to pay down the balance some. Which wouldn't be a big deal. But as i kept looking at it, and I had my wife review the terms of the hybrid loan I am in. I still have 13 months at the fixed 4.5% and then it goes up a max of 1% annually to a cap of 9.5%. So I've got 2 years of play time before I need to worry about the house really. By that time... it could have a for sale sign on it. So I decided against the refi.
Thanks for all the info Steve!
If you guys would like to see the structuring of my loan, it can be found here:
http://www.valoans.com/arm.cfm