Will I save money if I refinance?

The answer to your question would be determined by a math equation as follows: Take the current principle and interest payment and subtract it from your proposed new principle and interest payment. Take this number (monthly savings) and divide it by the closing cost of your refinance. That will give you the number of months it would take you to recover your closing costs. If you are recovering your money in 2 to 2.5yrs or less I would say it is a good idea. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and Strategic Partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall or call anytime 513-403-6260

Jarod, Without knowing how long ago you got your 15 years fix, it's hard to say if it is worth it or not, also i would recommond you asking for a 10 years fix rate and pay off schedual, sometimes your payments will be almost the same because of the lower interest rate you get on the 10 years fix loans.

Run the "Should I Refinance" calculator at http://joemetzler.com/refinance.htm#refinance_calculator

Hey Jarod, you might want to think about a 5/1 ARM. Rates are in the mid to high 2's.. you can continue to pay the same payment your paying now and take chunks off your principal... if you plan on selling or moving in 5 years, this might be your best, least expensive option... WilliamAcres.com