Options options everywhere, but which home refi option is right for you? A lot of the decision lies with your home and how long you plan to live there. If you think you'll move within the next five years, a five year Adjustable Rate Mortgage might be the right answer. If you think you'll stay longer than five years, this might be a good time to look into refinancing with a 30-year fixed rate mortgage, while rates are low. Don't wait long, FRM rates are expected to rise toward the middle of the year. A home equity line may also be a viable option if you want to keep your credit line low and still be able to borrow against it for big ticket items such ass a car or college tuition. This article from Bankrate.com, published in the Miami Herald, goes a long way in explaining the ins outs and round-abouts of refinancing your home in today's market.
Read more: With rates up, it's time to reconsider home equity lines - Miami Herald
... In that case, consider doing a cash-out refi or other options. ... the actual amount of interest a homeowner is paying for the money owed on the home equity and ...