WE bought our house back in 2004, so we qualify for an FHA streamline refinance loan. The positive of doing a streamline is that you bring no money to the closing table except a few hundred dollars to fund a new escrow. The downside is that you don't get the absolute lowest rates. We have a 5 year plan in place to sell and buy a new house. The money we will save from refinancing will be put in to a savings to help fund the down payment on the new house.
I got an offer from Quicken loans where they will give me a $2600 lender credit and $500 to help fund the new escrow account. Our rate will drop from 5.250 to 4.00. It will save us right around $100-$120 a month and take the loan back out to 30 years. They estimate that I will have to bring $1300 to the table to fund the new escrow...however , we will skip a monthly payment and also get back the $600 we currently have in our escrow account with US bank which will cover the $1300.
Our current mortgage is with US Bank. I called them after shopping around and they came up with about the same offer as Quicken. 4%-30yr-3.25pts(lender credits)-skipped payment. The difference is...they cannot refund the amount we currently have in escrow. They would apply that to the payoff amount of the loan.
My question is...if I go back to Quicken and tell them that US Bank is matching their offer will they be able to add/drop anything to compete and get the loan or should I just stay with US bank ? I'm not sure how that works. WIll mortgage companies compete like car dealers to get your business?
Thanx in advance for any advice...I know this was a bit long winded. 
Little different idea....
Refi to 15 years with a CU.
Then if the market has picked up in 5 years and you still want to move. Sell the house and use the money from the sale as a downpayment on the next home.
