I purchased my first home in September of 2006. At that time, the only loan I qualified for was an 80/20. (50 year w/2 year fixed arm). The first loand is at 6.97% and the second is at 9.9%. At that time my credit score was around 670, it might have gone a little higher since then. I also have a six month pre penalty, but I don't want to refinance too soon so I'm not sure how this works..My husband and I have totally remodeled this home and it's definately worth more than what we bought it for. We don't want to take money out, we just want to get on a 30 year fixed loan with a lower rate..is this possible or should we wait until our 2 years are up?