If plan to sell our house soon should we refinance now?

Hi Gary, We can't answer this question with any certainty without the rest of the facts, but I feel pretty safe saying "probably not". If it's a lower rate you are after, you'll incur costs to refinance and have to go through the process without being there long enough to benefit from the lower rate. If it's a shorter term or a switch from ARM to fixed, you aren't really benefiting either. It could "possibly" make sense if you wanted cash out of your home to make improvements or repairs in order to get it ready for sale, but you would want to consult a real estate agent to make sure this is a wise move as many home improvements do not return your investment (contrary to what HGTV will tell you). I hope that helps clear things up for you, feel free to comment with further info.

without knowing what "Soon" means to you, it's hard for anyone here to say.. typically, if you can refinance and have your closing costs paid by the mortgage broker, then your savings starts from day one, and therefore, is beneficial even if you plan on moving in less than a year.. however if you pay for your costs, then it depends on when the "Break Even" period begins.. example: $2000 in closing costs, but saving $200 per month.. break even at 10 months.. every month after 10 months is a true savings, but would make no sense to do If you plan on moving in 6 months.. What's the best option for you??? I don't know, because I don't know what you mean by "Soon".. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If by soon you mean in the next 6-12 months it isn't worth the effort to refinance. If you'll likely keep the house for at least another year, a "no cost" refinance could be worth considering if a lower payment would be be helpful until you sell.

You can... but there are closing costs. Either rolled into a bigger loan amount or a higher interest rate. If you plan on selling soon, it probably doesn't make sense.