When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up.  But fast forward to the present, and you're probably starting to get a little nervous.

Every time the Federal Reserve increases interest rates, the cost of borrowing money to buy a home goes up as well.  The Federal Reserve's benchmark short-term interest rate has risen to 5.25 percent, from just 1 percent in June 2004.

If you have a 3-in-1 or 5-in-1 arm and the term is coming up, say on January 1st, instead of the four percent you were paying when you got your loan, the rate could increase as much as 2-3 percent. If say, you borrowed $200,000 at four percent three years ago, your current payments is $954.83.  Increase the rate to an even 6 percent on the remaining $189,321.21 you will owe come January, and your payments will increase by $226.51 to $1181.34.

Not too many people can afford to all of a sudden start paying that much more for their living expenses per month.  So what are your options? You can either put your house on the market and hope it sells by the end of the year, or swap that fluctuating adjustable rate for a fixed one financed out over the next 30 years.  

If you've ever asked yourself the question, "Should I refinance my mortgage", the answer is, you should DEFFINTLY look into it. Not only could it give you more to live on month to month, but it could also save you thousands off your loan in the long run.

A recent survey produced some disturbing results on the state of mortgages in the United States. The report showed that more then half of property owners are either paying too much for their mortgages or are locked into mortgages that are clearly unsuitable for their needs, income level or financial goals. "Should I refinance my mortgage" is clearly a questions more americans should be asking themselves.

Research also indicates that the average percentage of some ones income that goes to mortgage repayments has risen 12.6% from ten years ago. That's not leaving today's property owners much to live on.

If you don't relate to these circumstances, there are plenty of other reasons why refinancing could still be in your best interest.

Let’s face it, things have probably changed in your life since you originally obtained your home loan. What worked for you then might not be working for you now. Refinancing allows you to change the terms of your mortgage to suit your lifestyle now.