My husband and I recently refinanced. If you're going to be in your house for a while and can lower your interest rates, it's a good idea to investigate the possibilities. My husband and I actually looked in a much lower rate, because we switched our 30-year mortgage to a 15-year mortgage. This is going to save us thousands in the long run, plus it means we'll have our mortgage paid off well before our kids are in college, freeing up a lot of money for family vacations, college savings, retirements savings - whatever!
Depending on your mortgage situation, you may have a lot of different options. There's something called the FHA Streamline Refinance, and military members can also look into a Military VA Loan. The best place to start is with your current mortgage holder, but it's not a bad idea to shop around to get an idea of what rates are out there.
Even if your home is currently worth less than the mortgage, you can still refinance under some programs, especially if your loan is guaranteed by Freddie Mac or Fannie Mae (ours was, even though we make our payments to a local bank). The whole process doesn't take much investment in time, and will really pay off in interest savings!
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