There’s a better way to know whether it’s time to refinance — better than the One Percent Method and better than the Break-Even Method.

Can you save money and pay nothing to do it? Yes, you can.

Use a zero-closing cost mortgage.

Zero-closing cost mortgages are precisely what their name implies — they’re mortgages for which there are, literally, no closing costs. When there are no closing costs, there are no break-even points to consider, and no one-point savings to monitor.

When you can lower your mortgage rate and pay nothing to do it, that’s when you refinance.

The good news is that no-closing cost mortgages are readily available across all loan types including FHA loans, VA loans and Conventional mortgages.

In general, for loan sizes of $250,000 or more, you can get a zero-closing cost mortgage by increasing your mortgage note rate 25 basis points (0.25%). For loan sizes over $400,000, the typical increase is 12.5 basis points (0.125%).

The extra bump to your mortgage rate creates more value to the lender. The lender then uses this extra value to pay your loan’s closing costs on your behalf. It’s a win-win situation, and you’ve paid nothing to get your refinance completed.

What Are Today’s Mortgage Rates?

Today’s mortgage rates are lower than they’ve been in months. There are refinance opportunities everywhere. Ignore “saving one percent” and your “break-even” — look at your potential savings instead.

Get today’s mortgage rates now. Your social security number is not required to get started.