Questions on refinancing my mortgage?

[honeybaby729]

I'm hoping someone can help. I am confused. My current loan is an ARM, for 30yrs. My payments went up this month. I need to refinance ASAP. My loan is interest only, does that mean everything I paid in the last two years is lost? I'm uncertain how much my house value as changed since the market is off. I had a bad experience with my last broker, right before closing my rates went up. Are there any benefits dealing with a local bank? And are those rates they show on their websites legit? How would you choose the right one?Who will most likely charge less in fees?thank you : (my "balance" is $165,000. Two years ago before I sent around $15,000 on improvements my home was appraised at $210,000.

[raniokoye]

The best scenarios for you to consider mortgage refinancing is when you owe a large amount and you still have many years of paying off your home loan. In consortium with other factors, your credit rating will determine either the approval or decline of your mortgage refinancing application; thus, efforts should be exercised in making sure that at least your credit score remains high.While disclosure is required under the law many homeowners do not understand or pay attention to what they're agreeing to when mortgage refinancing. Knowing the wholesale interest rate you qualify for when mortgage refinancing gives you an advantage and can help you avoid paying retail mark-up.