If we are in a 10/1 arm and we have five years left on the loan.

Whether to refinance or not depends on the current rate you have now and the rate you are being offered for the HARP refi. Please share more info or contact me and we can discuss your options; my specialty if converting people just like yourself from ARMs to fixed rate mortgages. WeFixRates.Com

There is no easy answer here. HARP isn't a bad idea, but the loan has to make sense. How much money is your new loan saving you? How much money are you putting back into your loan in the form of an appraisal and new closing costs? How many months or years would it take you just to break even based on those numbers? Answering those questions would be a good start as to whether or not this is the right option for you. That being said, if you are going to have to refinance anyway in 5 years or less, it's a good bet to go ahead and do it now, since in all likelihood, rates will be higher a few years from now than they are today. However, you should only refinance if you truly believe you will continue to live in your current home for a long time. In the end, it all depends on two things. First, what your future residency plans are, and second, what the cost vs. benefit is of doing this loan with the terms being set forth. Finally, don't be afraid to shop around... how do you know you're getting the best offer you could be getting unless you do? Good luck!

You're right at 1.051% LTV. You have options that may be better than what B of A offered. I would like to help. This website does not allow a hyper link. Cut and paste to know your options: www.umboc.com/PageContent.aspx?PageID=184Happy funding, Rudi