What's the difference between a refinance and a home equity loan? Which one is better for me?
A refinance typically pays off a first mortgage with a new first mortgage for the purpose of lowering the interest rate, changing the term of the mortgage and/or consolidating debt.A home equity loan or line of credit is USUALLY a second mortgage that goesbehind an existing first mortgage in second...

Is an FHA Hybrid arm whith a fixed rate for 5 years at 2.87% and can be converted to a fixed rate anytime after 6 months a good idea when I currently have an FHA 30 yr fixed at 5.25?
One of the nice things about the FHA Hybrid ARM is that the margin is very low - typically 2.25% which means -generally- if rates rise by 2% over the long term (30 year rates around 6.75%) based on today's T-Bill index the FHA Hybrid ARM interest rate would be 2.30 + 2.25 = 4.55%. Nice.Problem is that people...