I was talking with a guy at work who had just refinanced after buying a house a year ago. The rate he got was only 1% less than his previous but the lender paid all the closing costs. I said I was happy with my 6% rate, but he pointed out that it costs nothing to save $100 a month. Would you turn someone down who wanted to give you $100 a month.
So I’m refinancing. It will cost me nothing and my payment would be less. My broker even said that if I was worried about stretching the payoff date out 15 years again that I could just pay the 13-year amount every month and still be paying less than now and pay it off the same month in 2016.