Refinancing our Mortgage will save us $9000!

I received an email last Friday from our primary bank about the 4.99% rates on their 15 year home equity loans. The email also stated NO Prepayment penalties, NO points, and NO closing costs.

We currently have our mortgage in a 15 year home equity loan at 5.74% at a different bank. I quickly ran some numbers using an online calculator. We only have 10.5 years left on our existing loan but if we apply our current payment to the new loan we can pay off our house in less than 8 years and SAVE $9000.

After I ran these numbers I could hardly contain my excitement. On Saturday morning I applied online and received a phone call by 4:30 from the bank that we were approved. The paperwork will be processed this week and then we are on our way to pay down our house even earlier than originally planned!!

When we bought the house in September 2001, our mortgage was a 15 year balloon with a rate of 7.25%. This is the third time that we have refinanced. Is 4.99% as low as we can get? We'll see...I am going to keep my eyes open.

Have you refinanced your home recently? Let me know how you made out.