I bought a house last January--5% down and two loans. the large loan
is a 7/1 ARM and the small loan is adjustable. Obviously I'd like to
combine the two loans into one loan and I know I've built some equity
in the california home market. So I inquired about refinancing at a
local credit union and the loan agent said I need to wait until I've
owned the house for atleast one year because of the appraisal process.
He said that my house's sale price is still being used as a baseline
for other houses being appraised in the area and I can't have it
re-appraised yet. These aren't his exact words, but its the basic
concept. does this sound right? loan rates keep going up and house
prices are starting to go down in the bay area and I'd like to refi
before it is no longer beneficial.

any comments would be appreciated.
thanks