Most lenders charge fees to refinance a loan. So, if you plan to only stay in the property for a couple of years, your monthly savings may not accumulate to recoup these costs. Example: A lender charged $1,000 to refinance your loan that resulted in saving you $50 each month; it would take 20-months to recoup your initial costs.
At Mortgage Moon we offer a "no-cost" loan where we may charge a slightly higher interest rate but waive all costs associated with the loan. Click Today's Rates to see if this makes sense for you. Let the mortgage banker know you are interested in a "no-cost" loan.