You should find a local mortgage broker by looking in the telephone book. They will offer you the best rates possible based on your credit report and your credit score.

You may be interested in the best rate or a no fee mortgage. You have to decide which is best for you based on your financial situation presently.

You can not address the past and what happen. You have to educate yourself and ask as many questions about your loan as you can think of.

You must ask the mortgage broker to explain each and every mortgage program you are qualified for. This includes the monthly payments, interest rate, any possible prepayment penalties and most important what this loan will cost you.

No one want to trick or cheat you, you have to then take this knowledge and make an intelligent decision that benefit you financially.

I take it you have an adjustable rate mortgage that was not properly explained to you.

Your fees and points should be explained to you on a Good Faith Estimate (GFE). Once you have allowed a mortgage broker to take a mortgage application and run a credit report they should be able to issue you a GFE. Don't get to excited about the first one, it might be a little off and the mortgage broker has a 3 day requirement to do this, so he might be just fulfilling the requirement.

Once you have your GFE now is the time to discuss what mortgage programs you are qualified for as well as discuss the points and fees you will be required to pay.

Keep a pleasant disposition, be open about what you want, make sure the mortgage broker understand your situation. Working with the mortgage broker will be a rewarding experience if you are both on the same page and know what each of you are looking for.

If there is something you don't understand, ask and get a full explanation before you move on to another subject.

Sometimes low points and fees and low interest rates are not spoken in the same sentence. You have to come to an agreement about this.

Make sure you understand the tax benefits of paying points and fees up front as oppose to a no fee no points mortgage.

Just remember no one work for free, not even you, so be prepared to pay for your loan. You have to decide if you want to pay up front or during the mortgage monthly payments.

A no fee no points loan normally mean the broke will increase the interest rate to compensate for the mortgage expense. Make sure you understand this.

Now about the mortgage business itself. The person you are getting your mortgage from will sell your mortgage the next day without fail, this is the nature of the business.

They sell this mortgage to the one that is looking for what is available for sale that day. One of the largest purchases of mortgage loans is Countrywide, so to say you do not want to do business with Countrywide might not be a choice you make.

Even if your mortgage is sold to Countrywide you might not know it as they might have someone called a service company that might service the mortgage for them, so you might not even know that countrywide has purchased your mortgage.

When signing the loan docs make sure these docs say the something you decided on a far as the interest rate, number of years the mortgage is for as well as other things you discussed about the mortgage you decided was best for you financially with the mortgage broker.

If the loan docs are not the same please don't sign them. You are the one that will pay the monthly mortgage so make sure they say exactly what you discussed when you decided on the program

It is too late to blame someone else after the loan docs are signed, so this is your time to make sure that you agree with the loan docs.

I hope this has been of some use to you, good luck.

"FIGHT ON"

1. current interest rate
2. prepayment penalites, if any
3. how long ago was the mortgage originated and did you pay points
4. current costs for re-fi: appraisal fee, loan document fee, credit report fee, points etc.
5. balance you are trying to re-fi

You have not given us near the info needed to give you a good answer

in that case it will cost you money to refinance the loan….

but if no pre pay, then you can refinance after 3 months…

you can pull out a home equity line of credit at any time, but i wouldnt suggest it unless you can pay it off 6 motnhs later…

not only is it a high variable rate, if you carry it for a long period of time it can be bad for credit..

Do you have a mortgage banker helping you with the financing of this house??? They weren't able to answer this questions??

All of my clients have me do their financing with their homes becuase they know if they have a question, they can call me and ask…

If you need someone that will take the time to thoroughly explain the entire mortgage or refinance process, feel free to cal lme..

My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender.. Feel free to call me at 312-264-6448, or email me at jasonf@providential.com..

feel free to look at my profile here as well…I have sucessfully helped numerouf people from this site either purchase a home, or refinance an existing mortgage!!

thanks, and good luck!

Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448

A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.

Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp

Try typing in 'home loan interest rates' or 'arizona mortgage' in your Google search engine and see which mortgage companies come up in the search. Then see what each company has to offer. If its unclear which links to follow, check out the search links that show up in the right hand column. If you have good credit, for the lowest rates, look for websites offering 'wholesale rates'.

Keep in mind that interest rates are tough to compare between mortgage companies because they hinge on so many factors including your credit, term, and the type of loan you're interested in. Instead, focus on how much the mortgage company can lower your payment. Or, pay close attention to how long the company has been in the industry, client satisfaction rate, reliability, and trust. You can typically get a good idea of how a mortgage company is received by the public through client testimonials.

If you have any questions, you can contact me directly. I hope this helps!