While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage brokers said this is the time to do it.

In the last few days, rates have fallen to just a little more than 5 percent, the lowest they've been in three years. It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or purchase a new home with no closing costs whatsoever. The bank pays the lender commission who uses that commission to pay the costs and fees.

Raleigh resident Chuck Wright was hoping to be debt free on his home by sellling his two other properties. But when the economy took a turn, that didn't happen.

"We realized we'd be in a situation where we would be looking to refinance or sell," Wright said.

He got in touch with Glenn Astolfi, DNJ Mortgage broker, who told him the no closing cost loan would suit his needs perfectly.

"[If] you're not going to be at that home or property longer than five years, a no cost option is good because even if you pay cost, you won't make that up in the five year time period," he said.

And there are some other things a mortgage broker looks at to determine if a no closing cost loan would work for you. First, your loan amount needs to be less than $417,000 and you should have a good credit score and equity in your home.

"Your rates on a no cost loan will be slightly higer than what I could give you if you paid a closing cost," Astolfi said. "The more cost you pay, the lower I could make the rate."

Still, no cost is a good option for someone like Wright, who's looking to sell or refinance in the near future. He said by not paying closing costs, it's saving him thousands of dollars.

"If you pay $3,000 to $4,000 in closing costs and pay $18 less a month, you have to own something a long time to make a standard mortgage pay off," said Astolfi.

Astolfi said a broker should evaluate every person's situation on a case by case basis to determine what type of loan suits them best.