The Washington Post just had an article in their paper explaining that some second mortgage buyers are getting into the wrong loans. Even though you are getting a good interest rate on the mortgage or refinancing to save you money, overall, it might be costing your more than you can afford. The article continues to suggest that you pair the right interest rate with the right loan or you could run into the danger of not being able to pay the payments some years down the road. What will make your payment go bad to worse is if your house has depreciated within the last few years.