What to do if you want to refinance your home?

A few years ago when interest rates were low, a lot of us got ARM loans that were set to expire in 5 or 7 years. At that time, we did not expect that there would be a war or that economy will change so much that the interest rates will go up this high. Now is the time that these interest rates are reseting and for some people that monthly mortgage payment may go up significantly.

While the Fed may cut interest rates if the economy really starts to hurt, but don't count on it. Plus, the Fed tends to cut rates in 0.25 or at the most 0.50 increments. In other words, it can take a lot of time before we see a real drop.

So should you refinance your home mortgage? Generally it is a good idea and to tell us how to do it right, here is a good video from Andrea Coombes.