Ho yo honi post nepali pan ko bidesh ma , I heard mortgage rates are falling , you should definitely see a mortgage broker , their service should be free in usa too

@ putalicollector I assume Nepali folks on mortgage broker business and available in sajha

For refinancing, get the quote(free of cost) and than calculate how long does it take to recover your refinance cost. I just refinanced my loan to 20 year. I got 3.375 rate with total refinance cost of 2000 with zero point( that includes Appraisal fee, credit report, closing cost, Lender's title insurance and processing fee). You need to ask yourself how long will you keep your home. If you plan to sell it with in next couple of year then refinancing is bad idea. In my case, I will recover my refinance cost in about 1 year, and as i plan to stay longer than 1 year, its good for me to refinance.

@Laads - You got a very good deal. I think the closing cost was even better. But then if I were you, I would have waited few more months to refinance because the way market is predicting that rates will go down further. But then again, we that closing cost $$$, you can always refinance. I am NOT an expert or even a professional on this field. I just happen to close a house in June too.

@gaulejetho - It all depends on individual and their financial freedom and desire. If you are like me - laid back type and do not want to hustle a lot, then going 15 years makes a lot of sense. you know the benefits of it. But then if you are hustling type (like many of my friends who are even much better than me financially), making use of that extra cash would be a good option. We all know that in last decade, the mortgage rates has been historically low and it is still now. You are paying 3.75 %. Instead of refinancing ( either for the full amount or adding more money during refinance) , you can use that extra cash to invest (even including low risk with OK return) for much higher return. My friend didn't even put 20% down even though he could buy in cash (yes he is paying PMI) and use that extra money to buy ether rental property or TFS, stocks and mutual funds.

I just (in June of this year) did 30 years with 3.875 % and planning to refinance end of this year or next year to 15 years. I am hoping tat fed will lower one in end of July and again one at the end of year.

Hope this helps.