Dump that ARM in a Hurry!

If your still holding an ARM mortgage, this is a great time to get rid of it. Bankrate shows an average 30 year fixed mortgage rate of 5.47%. If your ARM is adjusting in the near future, I would take this opportunity to refinance and lock in a very good rate. In my opinion, ARM's are risky business. If your rate adjusts to a level you can't afford and your house won't sell, then you are flirting with foreclosure. My advice, play it safe with your home and take financial risks elsewhere.

The only problem with refinancing right now is that you will need a good credit score to qualify. Lending standards have tightened and it may be more difficult to secure a loan than it was in the past. Run a credit report and look for anything that may be lowering your credit score. Pay off anything late and clean up what you can before applying for financing.