Refinancing your home is no longer ONLY a matter of .. "can I get a lower rate and/or a lower monthly payment?".
Even though these are still important consideration for any refinance, many home-owners have an adjustable rate mortgage at a 'terrificly' low rate (I have one on my home in Orange County) BUT the real concern should be what will happen in the next few years?
Should the index which controls the interest rate you pay (usually a LIBOR or T-Bill) soars because of inflation or some other reason, do you know how high your rate could go to? Do you have any idea what your monthly payment might be should this happen?
Most people are shocked when they find out.
We have a program which will run "what-if" scenarios for your loan (you will be surprised what it will show). And we'll be able to suggest other options for you.
Talking of adjustable rates... Do you currently have an Equity Line (HELOC) on your home? Are you aware that it probably has NO restriction on how quickly its rate may rise? It could go up 4% or %% in just one month!
Maybe it's time to look at getting this HELOC on to either a fixed rate, or a decent adjustable rate with manageable changes.