If you get a chance, take a look at my blog "The Rules of Refinancing." I think it will address most of your concerns. And if I can be of service, let me know how.
Best of luck and keep me posted.
**Many of you have been hearing and are up against the argument "I am waiting and holding for 4.5%"...but here's one reason we may not get there. Yes, the Fed has been buying Mortgage Bonds, but if you look at what they are purchasing, they are buying a lot of FNMA 30-yr 5.5% and 5.0% Bonds, which won't have much of a positive effect on present rates.**
With rates at 4.9% this is 1.5% lower than what we had in a recently as in late 2008. The difference in payment on $250,000 is about $60.00. I am not sure of what you are doing buying or refinancing but in this economy I rely on "bird in hand".