I have a 7 year arm 5 start date jun 2008 do i need to refinance now? house is already under water?

Roni
I have made a 20% down payment..

Elin
Nope..you have 6 years until you have to refinance. UNDER WATER????

Brunilda
Don't do it! Refinincing costs money, even if you do a no cash refi. All the charges are just rolled into the new mortgage. If you put 20% down and you're still underwater, you don't need to do anything right now. The time to look at refi is when your ARM is about to reset.