Just called my lender to see if I could get a deal on a refi on my 15 year mortgage, after reading an article about lenders wanting to keep your business. We purchased last year, and I have been throwing a few bucks at it here and there.
Lender was running a special with no origination fee. Knocked my rate down .4% to 3.1% - with $3k in closing costs, that I will pay up front. Will save me approximately $300 a month in monthly outlay, which I will either invest or use to accelerate my pay down.
If my math is correct, I will recoup the cost of the closing fees in ten months, and now be at a slightly lower rate, as well as reduce my risk by decreasing the required monthly payment.
Might be worth looking into. I didn't think I could get much lower.
As an aside, had I been able to throw more cash at the loan, I could have gotten into a 2.875%, but I would have had to tap my emergency fund, and not willing to do that at this point.
