I refinanced our mortgage in July and got a 3.625% 5-1 ARM (interest only).

Refinancing depends on each persons specific goals. Are you planning on living in this property for many years? I see that you are on a ARM. With rates at historical levels, if you are planning to retire, payoff, or stay in your home longer than 5 years, going to a fixed rate would be best bet. Rates will rise, and you would not want to be stuck on an ARM then have to refi at much higher rates when the ARM adjusts. What are your plans with the property?

You did not disclose your loan size, but in general, lender rebates are not super large on 5/1 arm products, and the pricing is worse for interest only 5/1 arms. There would not be a large enough rebate available to get you a significantly better rate at no points and no cost. A silghtly higer rate may be available for no points no cost on a 30 yr. fixed. I recomend to stick with 3.625% interest only for 5 years. Rates on that product have not improved enough since July to refinance into the same type loan again. Jedd Nabonsal MLO # 348668 Pinnacle Bancorp Cell 310 433 1703

If you are planing on staying in the house long term then for sure look into refinancing into a 30 year fix. If not then 5/1 Arm is a good product. If you are under 417,000 loan amount then you can also check out 10/1 and 7/1 Arm pricing. you should be able to get alittle better rate and extent the Arm. You can also get 30 year fix in high 3's. hopefully this helps.

It is conceivable to reduce your 5/1 ARM IR to 3% IO, as of today's interest rates (IRs), based upon certain circumstances, at no points or fees depending upon the size of your loan. I recently refinanced 2 of my clients into 5/1 ARMs at 2.875% IRs saving 1 of them over $450/mo. compared to his previous loan.To put this into proper perspective, if your current loan balance is $300,000 and it's amortized for 30 years, an IR of 3% would reduce your IO payment from $906/mo. to $750/mo., saving you $156/mo, Considering that the loan would be free, why wouldn't you do it?One of our lenders in particular consistently has low IRs for 5/1 ARMS and, typically, can complete loans in less than 30 days. Its niche is ARM loans. Unlike the vast majority of loan officers, I am an accountant by education. As such, I am able to analyze current market conditions and structure creative loan alternatives for my clients in a manner much different, and more advantageous to them, than virtually all other loan officers. Also, I strive to do my clients' loans at very low cost, if not no cost, to them. And, when I say no cost, that means no cost--no points and no fees. There are never any hidden charges with my clients' loans. What I promise to deliver, I deliver. In addition, I have access to 36 quality lenders, 7 of which are banks, to insure that my clients have loan choices that will truly benefit them. Because of this, we have something for everybody to fit their particular needs. I invite you to visit our web site at www.divitahome.com to get a good idea about who we are. If you do, I am quite certain you will definitely feel at ease working with us.Please let me know how I can be of service. I look forward to speaking to you.Blake KlecknerMortgage Loan Advisor626-796-7712 (office)626-644-2020 (cell)