What would be the reasons you refinanced your home? Could it be one of the following: 1) need to do home improvements; 2) pay off some bills; 3) college money for a child; or maybe even 4) need some extra cash. Personally, I do not know if I would refinance for any of these reasons. I believe if I were in an ARM and knew all the pertinent information, this would be my primary reason for refinancing. More and more as ARMs readjust, people will probably refinance just to stay afloat. Whether you refinance or not, whatever your mortgage is you should reduce extraneous spending. If you are not in an ARM and refinancing, there are enough increasing prices such as gas that will make you consider reducing other debt.
