Are you considering a refinance, but you're not sure whether or not it's the right choice for you? There are a lot of things to consider when trying to determine whether or not now is the right time for you. In general you'll need to have at least 20% equity and above average credit scores to get the best interest rate, but in some cases, it may still be worth it to refinance.

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     REFINANCE INTO A 30-YEAR LOAN IF:
     -You think you'll be in your home for 5 years or longer, AND the interest rate on your current mortgage is .75% or more higher than today's rates.
     -You're currently in an ARM (adjustable rate mortgage) with 10% or more equity AND you're planning on staying in your home for 5 years or more. You will probably have to refinance into a mortgage with "mortgage insurance" or take a second mortgage to cover any additional principal owed that is over an 80% equity value in your home. Another good option is to check with your current mortgage company first. They may be willing to stretch their standards and put you in a standard mortgage in order to keep you as a customer.

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Do you currently have a high adjustable rate mortgage? Have you become one of the millions of Americans struggling to make their mortgage payment because their Adjustable rate Mortgage keeps going up. There is an answer! It's a mortgage loan modification.

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     You might be thinking... I have bad credit, I am to far behind or I didn't know I could do this.

     Having bad credit and being behind are the qualifications for a mortgage loan modification. So you are starting out good. Yes you can do this yourself! You do not have to pay someone to do this for you.

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     Contact your mortgage company and ask to speak to someone in the loan modification department. Tell them that you are inquiring about a loan modification.

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