I decided to go for it this weekend and applied for a refi loan online. We stand to drop our current rate by a minium of 1.75 percentage points, possibly more, AND shorten the loan life by about 7 years, while saving over $100K in interest. There's no prepayment penalty either. So overall, it seems like a big win. The hard part now is figuring out which points/fee option to take... the more we pay out in that area, the more interest we save in the long run, but the less we'll have in our savings, too. So I'm stressing a teeny bit today, waiting for husband to take a look at the info I sent him and give me his 2 cents on my proposal... and of course he's in a meeting right now.