For Those of you who Used Creative Financing...

...you are now getting what you paid for. Those ARMs are going through the roof. Some of you are already at 9.5%, and it's still rising. Those of you who got really creative and went for interest-only loans are probably now facing the big hits or maybe a balloon. Either way, you're looking for a refi.

First, IF you can get one, it's going to cost more. Second, partly as a result of the increased cost and partly as a result of the softening market, you'd better be ready to live with the house and your new financing for awhile.

First, understand you're not alone. There are about $2 trillion in ARMs coming up for adjustments in 2006 and 2007. Second, if you are honestly going to deal the house in the next three years, just bite the bullet. No refi will pay for itself in that time.

If you still want a refi, take some serious steps. Get some education about real estate financing. I suggest you go to the Home Learning Center. Find out your credit report and fix it. Try using this site. Try The Mortgage Professor to see if a refi actually pencils out for you. Find a reputable mortgage company as opposed to a sleaze factory. Try Ripoff Report for this information. Shop rates. MyFICO is one place to look.

Do the homework, do the financing right this time, and you'll have something you can live with for the long run.