I would also look around, and shop the online rates. With your home value and current balance, there are several online lenders in my area at or slightly below 3% APR (e.g. AimLoan.com at 2.875% for 15 year mortgage). We have refinanced 4 times (2 homes) and always found a far better rate online than at our local lenders, and never had issues with closing, payments, etc. I disagree with the poster above who said that a higher rate with a local lender is worth it. I give zero thought to my mortgage, which autpoays every month, and there's no reason to pay more to have a building nearby.