Contact a good local lender like Pulaski Bank. If you need a loan officer's name, give me a call. I work with an excellent loan officer and she would answer your questions in a professional manner.

Before you decide refinancing is the best way to go, pull out your Note. The interest rate on your ARM consists of a "margin" and "index". The margin is fixed but the index will change based on the market. It's very possible your new interest rate will reset LOWER than your present rate. The reason is because most indexes today are much lower than they were 5 years ago.

So pull out your Promissory Note and let us know the margin, index and what your mortgage balance is. Then we can project what your interest rate will be at the end of year and how it will affect your mortgage payment. You may be pleasantly surprised.

Barbara

Viking10,

In order to qualify, you need a 620+. If its below that, you may find a lender willing to help you, but you will have to pay a higher rate. Therefore, depending on where your credit was and what it dropped to, you may or may not qualify, credit speaking.

Dont forget you need some equity in the house and qualify income wise. It sounds like you have plenty of inocme, but if you have pleny of expenses that could disqualify you as well.

Well I hope I gave you a starting point, if you need more information, please give me a shout.

Danny