[VRWCmember]

Excellent point. If the total mortgage value is less than 80% of market value of the home, the financial risk is obviously reduced. Further, if you can arrange with your financial institution to have your P&I payment paid every two weeks at one-half of the monthly amount you will make one extra payment every year, you might be able to get a discount on the interest rate, and the accelerated payments (two weeks vs one month between payments) will reduce the interest you pay and accelerate you retirement of the principle. This alone will result in our 30-year refinance being paid off in only 21 years.

[NorCoGOP]

An even better way is to simply pay an extra 12% each month - you'll avoid some of the "administrative costs" some lenders put on biweekly payments, but achieving the same result.