We haven't even lived in this house for a year and we've already refinanced it! We started looking at houses in 2010, when the market really dropped. However, at the time we purchased, interest rates had crept up a bit. The first mortgage on this house was at 5% interest. A couple weeks ago the rates at Jane's bank dropped to 3.875%, so we decided to re-do it (they say if it drops by at least a full point it's a good idea). We ended up changing from a 30-year mortgage to a 25-year, it cut off $28,000 in interest that we won't have to pay, and our monthly payment will actually be just a little bit less than we had been paying. How cool is that!?
So, this past Thursday we refinanced. Yes, we had to pay closing costs, but since she works there we got a discount, and over the course of the loan that will be miniscule compared to what we will save. So it's almost like someone just gave us $30,000!!! Cool!