I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last mortgage refinance.

The idea perpetuated by the no cost refinance advertisers primarily that no cost refinances even exist, is just mean. This no cost refinance fantasy will be put to rest here and now.

I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to know more about the no cost refinance loans they saw on TV or heard on the radio.

A California refinance decision dumping an adjustable rate loan in favor of a fixed rate loan, goes from a maybe to a must. The popular California refinance choice made by many, the Option ARM, continues to rise.

Fannie Mae’s CEO, Daniel H. Mudd testified before the House Committee on Financial Services today and unveiled a commitment to those subprime borrowers who need new options now that their earlier mortgage decisions are proving to be disastrous.

In typical “borrow from Peter to pay Paul” fashion, this new initiative involves refinancing out of the bad, old mortgage and into a new, better mortgage.

Mortgage companies who advertise on radio and TV about “no closing costs” or “$395 flat fee” are simply lying.

I know for many of you hearing an untruthful advertisement is no great threat, but for the proverbial little old lady or an unsuspecting first time buyer it truly is. I think with 2 trillion dollars in adjustable loans set to adjust over the next 24 months, you got hoodwinked by false advertising more than we’d all care to admit.

In addition to the credit issues, the bad credit refinance is facing barriers of dropping home values, loss of cash-out programs, and the loss of many bad credit lenders.

A bad credit refinance is a loan that replaces an existing loan with a borrower who typically has less than 600 credit score.