Looking for some advice--I currently have a mortgage sitting at 4.81 percent interest, no other debts, and an excellent credit score, so I've become interested in refinancing now that mortgage rates have hit bottom (once the banks start taking applications again, anyway.) However, I only have $34K left on a $105K mortgage, and my research indicates that most banks won't refinance for such a small amount. The only way around that appears to be to do a cash-out refinance, then turn around and immediately apply that money to the balance ... has anyone ever done this? Is it worth it, even for such a small balance, if I can lower my interest rate from 4.81 to somewhere around 3 or less? All advice appreciated!