Don’t wait before it gets too late. Convert your Arm’s to fixed rate mortgage before they adjust. You should start looking for a refinance deal before rate adjustment hits. With Fed rate cut in last 2 sessions, interest rates are once again at affordable levels to refinance.

Take this opportunity to discuss with multiple mortgage brokers and lenders to see what is the best option available on your loan. Once the rates adjust you are likely to pay a very high monthly payments and your rates will also shoot up. By converting your variable interest rate to fixed rate you are ensuring your self a peace of mind by getting a fixed monthly payment for the life of the loan and not worry about the fluctuation of the interest rates or market volatility. You can also go for a new Arm or a variable rate loan but you may get into a high monthly payment situation in a couple of years.
While you are at refinancing you should try and pay off all your other high interest bearing bills and loans like credit cards and Home Equity loans. By doing this it will help you manage and budget your monthly expenses. This should also help you save money on your monthly mortgage payments, which can be used for other things like paying for college or buying a new car.

Make sure whatever you do, talk to multiple lenders discuss all your options and see what is best out their which will meet your needs. Talk to lenders before your rate adjusts and not after, as it may be too late.