REFINANCE: If you're struggling with a mortgage that has become hard to pay, due perhaps to an adjustable rate that adjusted itself upward more that you expected, you may want to refinance into a different, more stable loan. After all, interest rates are still on the low side, historically speaking. You may want to consider refinancing just because current rates are lower than what you're paying.
Refinancing involves taking out a new mortgage on your home; usually at a lower interest rate, decreasing the amount of your monthly payment. If you can get a new loan at a rate 1 or 1/2 of a percentage point lower than your current mortgage you can reap sizable interest savings over 15 to 30 years.
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