Mortgage Refinancing

Is it a good idea to refinance my home?
Great question. Some argue that the value of the dollar loses value through time - therefore you should just stay with the mortgage you currently have. Others will say that by getting a better rate you save money, of which you can invest. But honestly, how many of us would take that extra amount of money saved and use it to invest? Most people consider their homes to be their biggest investment.

Is it worth refinancing if I only see a small change in my current rate?
At the end of the day, yes. But be on the lookout for hidden fees (such as a pre-payment), or hidden mortgage lender fees. Those extra costs might wipe out any gains you may have made from refinancing your original loan.

Reasons to refinance your mortgage:

Refinance from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate
Refinance from a Fixed-Rate Mortgage to an ARM
Lower Your Monthly Mortgage Payment
Get Cash from Your Home
Consolidate High-Interest Credit Card Debt
Mortgage Rates become Competitive

At the end of the day, you need to evaluate your financial goals and decide what the best course of action is to get more equity out of your home. TAKE YOUR TIME! Don't rush into anything that you may regret later. There are plenty of lenders who will be willing to work with you, even if you have "less than perfect" credit. Just be sure to make sure that you don't get gouged by their rates.