I think it’s worth repeating the amount of FLEXIBILITY you can enjoy with a No Cost Refinance.  If all goes to plan and your scenario meets all the conditions you could save a lot of money and shave years off your mortgage by doing a No Cost Refinance and making the SAME payment as you are making now. However, if “life happens” and you need to reduce your monthly expenses, due to perhaps a work layoff or family illness, you always have the OPTION to make the new, lower payment. This could save your house.

Of course, if you make the new, lower, payment you won’t save as much money or shave off as much time but at least you would have more chance of staying afloat while your household income is temporarily, or permanently limited.

If you think of it it’s like borrowing money at a very low interest rate. As far as I know the lowest interest rates in the USA are always on mortgages secured by real estate.