[FreeperinRATcage]

I went to a 15 year at 6.25 right before 9/11. After that, rates plummeted, but not enough to be worth incurring all the charges to refi again.

Of course, if you do have a decent amount of equity, you'd make out like a bandit.

[LizardQueen]

We went to 15 years at 6.625 just a year after we bought the house (original mortage was 30 years at 8.25) - this was in 1992, right around the time of the last recession.

We haven't bothered to refinance since according to the amortization chart we are paying almost all principle at this point, and it's not worth the refi charges with only 4 years left on the loan.

I LOVE being almost paid off. I know there are tax advantages to paying a big mortgage, but I really hate feeling like I'm living on the ragged edge of losing the house with a job loss. We're getting killed on taxes, though - didn't have enough mortgage interest or property tax expenses to clear the standard deduction last year.

We are going to take out a home equity to replace the siding sometime this fall, but we DON'T use it for anything else. We even save up and pay cash for cars.

LQ

[Timmy]

You better look again. The rates for a 10 year mortgage are about 4.75. That has to be a big payoff for you. BTW, I just went to a 10-year mortgage.