Even if you refi with a no cost loan and lower your payments, you have to calculate in how many extra months you will have to pay those lower payments.
For example, if you are 3 years into a 30 year loan and you refinance at a lower rate to another 30 year loan, you will be making payments for an additional 3 years.
It’s not as nasty if you’ve only had the loan four months, but it is still four extra payments you’d have to make.
Of course, that assumes you are staying the full 30 years also. If you plan on selling your house before the loan is paid off, that’s a different matter entirely. But the last new house we bought 19 years ago, 7 of the 11 homes are still owned by the original owner after 19 years. And I’m pretty sure most of those folks hadn’t intended on staying there that long.
