Re-fi a 15 to 30 year loan on primary residence?

[psyclotr0n]

Hi folks, I currently have about 500k left in my primary loan (yeah, borrowed before I knew any better) and noticed I could re-fi my current 30-year at 4% to a 15-year at 2.875%. Payment would go from $2600 to $3400. However, I'd be paying $500 less per month in interest, so it seems like an immediate $500 return on a monthly $800 investment!

So I got two quotes, one from a broker for 2.875, 0 pts, with about $3500 in closing costs, and another thru  eRates.com for the same, but only $2200 in closing costs.

Any tips on best practices in choosing a lender or getting the best rate (since it seems like Bankrate.com et al don't really give you useful / realistic rates until you actually submit a pre-app).

[wrangler05]

posting to follow, I am in a similar situation.

Do you mind if I ask which lender got you 2.8% for a 15 year fixed?

[Goldy]

I shopped around extensively for our rate and found the broker on Zillow of all places.  The guy we used was a local guy who got us a great rate of 2.5% with 1500 in closing.  The best rates I have seen have been with Aimloan.com.