Marlene Scheffer, Realtor to Kitsap County, WA

Hopefully this post will help you find the answer. When is the right time to refinance? With interest rates so low, it seems like refinancing your home loan might be a good idea. What are the determining factors?

There are a couple of things to look at when considering a refi. First, do you have any equity in your home? If you owe $250,000 for your home, and you owe a total of $245,000, you probably won't be able to refinance unless it is a VA loan. And VA loans are a whole different ball game.

Now, as far as whether the rates will go lower? There is no crystal ball. Wish there was, cause I'd be rich. You do it when it makes sense to do it. We refinanced twice within two years, because rates dropped significantly and held for a bit (first refi), then eight months later they dropped again (second refi). That was five years ago, and we won't be refinancing again. We're extremely pleased with our rate!

The most important factor in whether to refinance is, will it actually save you money? First, see what your monthly payment is now. Then have your mortgage officer figure out what it would be if you refinanced. What is the difference? For example, let's say you pay $1800 a month now, a refi would have you paying $1600, for a savings of $200 a month, or $2400 a year.

Sounds great, but what about the cost of the refinance? It does cost money to borrow money, after all.

Figure out what it is really going to cost to refi. Closing costs, prepaid taxes, prepaid insurance etc. all need to be considered. Yes, it can be added into the cost of your mortgage in most cases, but you do still have to pay it. That is the true cost of your refi.

In this case, let's say that it is going to cost $8,000 up front, but you will get part of that back from your original mortgage company. (You will receive a check from your former mortgage company once they close the escrow account.) So the true cost is $6,400. Now, how long is it going to take you to make up that expenditure?

Divide your $200 a month savings into the $6,400 cost of the refi, and you will see that it will take 32 months to start seeing any financial gain. Basically, for the next 2 1/2 years, you will be paying for your home plus your refinance. After that, the $200 savings is gravy.....

In this case, if you are planning to stay in your home for more than two and a half years, then it may be the right time to refinance your home. If there is a good chance you will be moving before then, keep the rate you have.

If you are considering refinancing your Kitsap, Pierce or Mason County home, call me for a referral to a great local lender. They'll take good care of you! And as always, if you have questions, feel free to give me a call - I'm happy to help!

That's right - a laundromat. The building sat on a corner in lower Manette unused for many years in the 1990's and early 2000's, until Jeff and Michelle Hecker took over and redesigned the building into the swanky restaurant and happy hour hotspot that it is now.

The Patio opened in May of 2008. Located right next to the Manette Bridge in Downtown Manette, the restaurant is small in winter, with very limited indoor seating. However, that also allowed us very attentive and personal service. In warmer months, tables on the patio are used, doubling the seating area.

"Serving 'New American' classic comfort food with a twist" is the description from the website, but I would go even farther than that when describing the scrumptious edible offerings at The Patio in Manette, Bremerton.

My substitute date (hubby's at sea again so, my poor Dad...) had a nice steak that is only sometimes found on the menu. Always ask about the specials! I had the small plate Grilled Mediterranean Platter. Everything on the Grilled Mediterranean Platter is fabulous! And check with the waitstaff, but I believe it is vegetarian. We finished our dinner with a nice bottle of "The Show" Cabernet. I went home quite full and happy.

Other options at dinner include Seasonal Ravioli (this week it was lobster), Flat Iron Steak with herb reduction butter, or a Prosciutto Wrapped Chicken Breast. There are also several vegetarian meal options, and the cook and waitstaff seem very willing to work with you if you have a special diet.

Repurposing and redesigning that old laundromat has had a huge impact on the face and feel of downtown Manette, Bremerton. The Heckers had a vision of what Manette could be and is becoming. The Patio has "raised the bar" for style in Manette.

The Patio is open for lunch and dinner daily. Breakfast is served Monday through Saturday. And the best meal of all? Sunday Brunch is served from 10 am to 3 pm. That's our next culinary excursion. So far, I give The Patio a thumbs up. I can't wait to take my husband there!

Address of The Patio: 2003 East 11th Street, Bremerton, WA 98310

Reservations: 360-373-1472

Want to go out for a nice dinner, but don't want to spend a lot? Want a view but don't want to pay for it? Consider The Boat Shed restaurant in Manette in East Bremerton!

The restaurant sits almost underneath the Manette Bridge, and if you aren't looking for it you could miss it! The unassuming entrance will leave many doubting the quality, right until they open the front door and smell the tantalizing food from inside.

Get a table by the window. From your seat, you will have a view of the bridge, the USS Turner Joy, and the Seattle-Bremerton ferry arriving and departing every hour or so. On summer days, count the pleasure boats that whiz past under the bridge.

The Boat Shed has been open since 1979. The restaurant serves a nice blend of steaks, seafood, salads and pastas for dinner. At lunch, they also have many unique and classic sandwiches, with cool names like the Spinnaker and the Clipper. Dungeness crab and crab cakes are almost always on the menu. The restaurant is well-known for its clam chowder, and the nachos and margaritas are great for an after-work happy hour.

A nice wine list includes such local favorites as Chateau St. Michelle and 14 Hands. And don't forget to leave room for dessert!

On a nice day, ask to sit outside on the deck. The restaurant is actually perched over the water, and there is a boat dock connected to it, with room for several smaller boats.

The service is usually very good, and the food is excellent! They also have a kids menu. It is one of my family's favorite places to dine in Bremerton, and has been for many years.

Wine aficionado and Foodie Mike Watkins is pairing with Cosmos Deli in Port Orchard to offer a fantastic Wine Tasting and Dinner to benefit the Leukemia and Lymphoma Society!

Sunday, September 7 at 5:00 pm, Mike and Cosmos will provide a sensational gourmet dinner paired with five, yes FIVE different wines. Dinner includes an antipasti, braised beef short ribs with smashed yukon gold potatoes, and grilled sweet peaches with gelato and honey.

Dinner is followed by a silent wine auction, including bidding for a Magnum of 2005 Bordeaux.

All proceeds benefit the Leukemia and Lymphoma Society, an organization which helps patients with several different types of blood cancers. For more information on the organization, please visit their website here.

Cosmos is usually open Monday through Saturday only, but is opening this Sunday only for this very special event. Cosmos serves cheese and meat in their deli, coffees and teas in their espresso bar, and has a wonderful restaurant and bar that serves both small plates and full meals.

There are not many tickets left, so hurry! To purchase tickets, call Cosmos at 360-895-3138. Cosmos is located at 1821 SE Lund Avenue in Port Orchard.

Each year, the people and businesses of the charming Manette neighborhood of Bremerton celebrate their community culture and spirit in a fantastic one-day festival.

This year, join us for Manette Fest 2008 on Saturday, September 6!

The festival starts with a Fun Run for all ages and athletic abilities, continues with a pancake breakfast, then features Manette's Tiniest Parade, which is open to anyone and everyone. Have the kids decorate their bikes, or dress up their strollers and bring them out!

Spend the afternoon listening to the music and entertainment and watching the street dancers. Don't forget to check out all the vendors and artisans at the many booths lining the streets of Manette's downtown area!

The schedule is as follows:

9:00am : Fun Run Begins
9:30am : Pancake Breakfast @ The Manette
9:45 am : Stage Performances Begin
11:00am : BBQ Lunch
1:00pm : Manette's Tiniest Parade
1:45pm : Kids Raffle
5:00pm : Close of Event

The kids can jump in the free bouncy house, get their faces painted and try their luck at the dunking booth. Big kids can cool off at the beer garden. Loads of food can be purchased at the event.

Best part of the event? It's all FREE!

What a great way to spend a Saturday in Bremerton! For more information, go to the Manette Fest website, designed by Bremerton's Rival Vision.