A 720 credit rating is decent, but it isn't high enough to get you the best interest rates when refinancing your home. Lending requirements have become much more stringent so you may need to work on your credit score before you can take advantage of today's low interest rates.

Unfortunately bad credit can haunt you for the rest of your life. If there are bankruptcies or foreclosures on your credit report, you know how hard it is to get any line of credit. Lenders and creditors simply look to as a too big of risk to loan money to.

With most mortgages, your payment is the same every month. But what if your paycheck isn’t so regular? Would you like to be able to vary your mortgage payment depending on your cash flow? An option ARM -- also called a flex-ARM or pick-a-payment loan -- allows you to do just that.