Nebraska: My place has been paid off for a long time and my only experience recently has been with VarmintSon #2 refinancing his 30 year mortgage down to a 15 year mortgage just last month out in the seattle area.
He cut more than a decade off of his mortgage and the lower rate came up with just a modest increase in monthly payment.
His credit score and the housing market in his area got him out of the refinance and reappraisal costs both!
We got a printout of the differences in his pay back amounts (the interest) and it was astounding how much less he will pay with the 15 year mortgage.
Anyway my opinion is now is the time to refinance and in my experiences go for the ten year term (or shortest term possible) if at all possible.
Best of luck to you.
Hold into the wind
VarmintGuy
