lmp asked:


My girlfriend and I bought our first new house in Arizona at the end of the buying boom in December 2005. It is an interest only ARM at 8.1%. We got in cheap, but we both make more money now and can afford our $1867/mo payment. We know we have to refinance at the end of 2 years. We are not sure of the equity gained, as the housing market has slowed. The house is in great shape, we had nothing to do to it. What type of loan should we look for and when should we refinance?

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Christine L asked:


I have a great fixed rate on my first mortgage 4 3/4%, however I am paying about 11% on my second. Are there any companies out there that will refinance only the 2nd? And how does equity come into play with this, the CA housing market is not that great! Not looking for cash out, just a lower monthly payment. If anyone knows a company that might work with us, please let me know. Thanks,

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