Should I get a no cost refinance?

Hi Connor. My suggestion would be to get a 20 yr FRM at 4.25% with little or NO COSTS and be done with it. :)Hope this helps.Pat McCarthy

You would absolutely benefit from a refinance, and I would suggest a 15 year vs. a new 30 year. Depending on what your goals are, by going 15 years, you payment should be about the same as it is now (+- $50), however if you fast forward 4 years, which is when you expect to move, and look at your loan balance, it will be significantly lower then if you did nothing... contact a local mortgage broker, not a bank and apply with them.. They can put together several "Cost Analysis" and show you what your potential savings will be... WilliamAcres.com

I would take advantage of the rates, I'm not sure why you would go to a lower term due to the fact of leaving in a few years. The only reason to go to a lower term is if you plan on keeping the home. Current rates for my bank are still in the 3's and we can absolutely provide you with a no cost loan. Here at Guardian National Bank we are a Federally Chartered Bank (FDIC) providing you with the best rates at the cheapest cost. Contact me if you would like to further explore your options as we would be happy to assist you. Personally I have a great resolution I would like to further explore with you after I learn some more of your goals in this refinance!! Thank you, Jamie McKeehanSenior Loan Officer816-309-0054 cell913-273-1074 e-fax NMLS # 809908Confidentiality Notice: The information contained in and transmitted with this communication is strictly confidential, is intended only for the use of the intended recipient and is the property of Guardian National Bank, a LPO of Guadalupe National Bank. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing, or using any of this information. If you received this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This communication may contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or disclosure such information or any purpose other than to provide the services for which you are receiving the information. There are risks associated with the use of electronic transmission. The sender of this information does not control the method of transmittal or service providers and assumes no duty or obligation for the security, receipt, or third party interception of this transmission.

If your time line is only 3-4 years, a no cost loan is probably the way to go. Based on the fact that you have only 22 years left on your current mortgage, you could probably refinance into a new 15 year loan, getting the best possible (fixed ) rate and probably still have a lower payment than you do now. Another option is to look at a 5year ARM, which will have an even lower rate. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks to help you decide which makes the most sense. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Both of the answers below should help you save money. One reason to consider the shorter term is to build equity in your home. If you are comfortable with the current payment - take the 20 year loan - pay down the balance owed faster. Then when you do sell - you will have greater funds to purchase your new home. Feel free to ask other questions by call 1-855-LENDER-411.

If you are only goingto be in the hme for another 4 years and your havea high degree of certainty regadingthis timeline, I would suggest a 5/1 ARM with a NO COST option. you could probably get a rate BELOW 3% with no costs.Call me to discuss. Joe Shamie, First Choice Bank. 866-970-3400 x-274 jshamie@fcbmtg.com