If you refinance from a 15 year or 30 year loan, your monthly payments will be higher, but you will do good to save on the total interest, which will be paid over the life of your loan. You will also find the rates on the short-term programs generally lower.
Always make applications to different lenders. This way you will know the various rates offered by them and will be able to make a wise decision in getting the lowest rate available for yourself.
Do you have plans for staying in your home for many more years? Then, you must pay to reduce the interest rate. In this case, lower monthly payments through your mortgage term will seriously benefit you.
