The answer to that question depends on a few things. Do you intend to remain in your home? What term are you on now? What state are you in? (closing costs vary by state) Are your credit scores and debt ratios good enough to qualify for "best execution" pricing? (best execution refers to borrowers whose credit scores exceed 740, owner occupied homes, typically equity 30%+). If you're on a 30 year now, in a low closing cost state like IL, MO, CA, or AR, and qualify for best execution pricing, you could get your rate down to 3% or so on a 10 year loan, then make payments based on an 8 year amortization schedule. As is usually the case, no one can answer your question accurately without knowing more details. If you'd like to discuss your situation further, feel free to contact me through my profile, I write loans nationally.