[white87911]

Well, since I am a Real Estate Appraiser, I do have a inside look at some of these deals. What you need to look out for is that thaye say "no fees" - "no cost" but what they really do mean is that they bump up your mortgage amout to cover their costs. For example:

If you own $200,000 on you mortgage, they will do the refi at a amount of sometinthing like $206,000. They take the $6,000, but since it is at a lower rate over 30 years, you still get a lower ontly preimium. BUT. Right now you may only have 25 years left, and if you then pay $80 to $100 dollars less, big deal, the addition 5 years could cost you $1,200 per year or $6,000 over the life of the loan, the guess what, you are back to square 1.

The only way you would benefit is go to the lower rate and overpay your principal (as long as there is no pre-paypenaty). If you were to contine to pay the extra $100 per month you could shorten the life of the loan and make out on the deal.

.5 percent is not a big deal, and if it is adjustable then you may wind up on the loosing end. As it will go up with the way the economy is heading.

The best thing you can do is wait until you have a low enough mortgage amount to go to a low rate 15 year loan and pay it off, therefore you save a ton in interest payments.

Erik