I know a lot of people here have refinanced in the last few years. We are thinking about refinancing. We originally had a 5 year ARM with an interest rate of 2.4, so obviously we won't be able to beat that. We've calculated the interest rate hikes when the 5 year period is over (we're on year 4), and since there's a cap on yearly rate hikes, it will be another couple of years before we even catch up to current market rates that are hovering around 3.8 for a standard mortgage.

So we're running numbers about which options are more beneficial to us longer term. I saw some people here recently posted about no-closing cost refinance. We haven't found any banks willing to do that--are interest rates higher if you don't pay closing cost? Do you have to go through some kind of special program to refinance without paying closing costs?

We think we can have our place totally paid off in the next 5-6 years, if that helps. I think we need to just weigh current offers and run numbers and compare to keeping our current 5-year ARM.

Basically, tell me how you recently financed and what options you chose.