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Reply to "Is there any reason NOT to refinance?"
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[quote=Anonymous]I bought a house about 2 years ago and I am a first time home-owner. My current mortgage rate is 4.5+% and is on a 5 yr ARM. I am not underwater on mortgage (home prices in my neighborhood have gone up) and put down 20% so no PMI. But frankly payments are very big and take up a lot of my take home income. So I am considering refinancing esp. since rates are low now. But here's what I don't know, is there any reason NOT to refinance? Or least try to see if I could get a refi approved?[/quote]
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