I am going to try to provide with some information that I hope will help. There are many missing variables (value,loan balance, credit score, current loan type and monthly payment)in your inquiry that will affect this answer but generically the best thing for you to do if you plan to sell within 2 years max is to stand down and do nothing. A refinance at this time and paying any costs would more than likely not be recouped in time before you sell the home. The re-set in 10/10 will for the most part be a rate in the mid to low 5% range or lower which is as a good or better than you would get now on a 30 year. yes, there are new 5 year loans out there in the high 3% range but they come with significant costs of $3000 +. Staying for 1 year on the re-set which may make your payments go up a couple of hundred dollars for a year makes the most sense. Even holding for two years may not make back all refi costs. Lastly, remember if you plan to refinance do not list the property on MLS with an agent as this makes it very difficult at all lenders to then refinance the property. If you have to refi and your planning on selling make sure you close the loan before listing for sale. Happy to help.

Jeff Jaye
President
UMBA
www.upfrontmtg.com