As with any major financial move, the best time to make it is when it will significantly improve your financial position. When it comes to improving your home mortgage situation, it is a lot easier said than done. With mortgage refinances all of the stars and planets have to be aligned with your financial and home-equity situation, and then you will still need to find a lender who is willing. A lot has changed in the years following the mortgage meltdown. If you are among the fortunate home owners with positive equity and excellent credit, the right time could be now depending on some key considerations:
Refinancing a home loan should be all about saving money now, or preventing increased costs in the future. Refinancing from a fixed to an ARM is no longer advisable, and moving from one ARM to another ARM should only be seen as a temporary measure.