Equity Loans are nice though becuase you can most often wright it off, but then you are stuck with an additional monthly payment. Try going through a Credit Union also, they have deeper pockets which means better rates. IN, or detroit, MI, that have so many unemployed people that they cannot afford to even think of buying a house, renovated or not. HOUSE is that place where you go to lay down your hat after a long day at work. The owner knows there is a reason that you arent going through a bank, so they will charge you higher interest than current mortgage rates.

Their risk is higher that you will default if a bank wont give you a loan. That they must go through legal channels to foreclose on you, they cant just change the locks on you. That, if foreclosed on, any proceeds that do not go to pay off the loan and other costs associated with the foreclosure, are paid to you. My last suggestion would not be part of the contract. When you make your payment each month, watch for your check to clear the bank.

If it hasnt cleared within a couple of weeks, call them and make sure they got it. If they say no, tell them you will put a stop payment on the original check and get them a new one immediately.

This may help keep them from just holding your check and then claiming you never paid, allowing them to foreclose. You find a mortgage company that is willing to offer a lower rate than you are paying on your current mortgage. Whether that is possible depends on your current rate as compared to the market rate that exists now. Of course you have to look at other terms of the mortgages offered to you.

AND you plan to stay in the house long enough to amortize any fees or points, you should do it. True, it may go lower still. But then again, it may also go higher. You can go insane trying to perfectly time mortgage rate movements.

So without those two pieces of information it is hard to concisely and accurately answer your question. Another thing to consider is whether you are now on a fixed rate or ARM and whether you are considering going to a fixed rate or ARM. If youre on an ARM, get to a fixed ASAP. ARM to an ARM or, God forbid, going from a fixed to an ARM to capture a lower rate.