Refi

[Anonymous]

Have ARM at 4.875 due to adjust in June 2009 (GMAC Mortgage-Tied to 1 year LIBOR).  Have been in house for 10+years, never late on payments.  Current balance $115,000 HELOC $5400.  House assessed for $188,000. Current provable income $31,000. 

FICO TU 786  EQ 799  Exp 814. 

Credit cards total $4700 will be paid down to less than $2000 by May; no car or other installment loans.  Never had a late payment on anything.  Am 65+ years old.

 Am I able to get a refi?  Worth trying with GMAC first?  Any other options? 

Thanks.

[DallasLoanGuy]

I would see what gmac offers. And get another opinion too.

But, bring the gfe here for review as well.

[Anonymous]

Looks like LIBOR is going to stay below 2.0%. 

I would like to sell my house and move to Mexico in the next 1-2 years.   Should I take a chance on LIBOR--my rate adjusts annually?  Wouldn't have to pay closing costs for a refi.  So I'd presumably go to 4.875+ 1.89 (as of today)=6.765.