I bought my first (and only) house in 1986, after home values here in Texas had declined. It was the oil bust that hurt home values then. In 1993, I refinanced my 30 year 9.5% mortgage and got a 15 year 6.5% mortgage. My payment went up exactly $1 per month, and I'll save SIGNIFICANTLY on the mortgage change. (Seems like it was in the $20k range??) .....I'll have my house paid for in just under 4 years - September 2008.
Good luck, in any case!
Wonderful. Next, we should vote ARLEN SPECTOR for president. Who cares, ARLEN SPECTER is REPUBLICAN man.