I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period.

If you have an adjustable rate mortgage in the four to five percent range, and it is about to adjust, and if you think you'll be in the home for more than five additional years, you'll want to strongly consider refinancing your adjustable rate mortgage to a fixed rate mortgage. Here's why.

Rates continue to remain very low. Fixed rate mortgages in the five to six percent range are very good loans. So, if you have an ARM at five percent, and it could possibly balloon to six or seven percent, now is the time to fix that rate at between five and six percent. Remember, if you intend to remain in your current residence for more than five years, fixing that rate is a very wise move.

This way, you will keep your payment low for the life of your loan, and you will eliminate the worry of an adjustment.