I will admit to being slightly surprised that you're refinancing this soon after the purchase, though -- significant interest rate drop since you bought?
Not large, but not trivial: 3/8 of a percent lower, paying very little cash to do so. Naive payback time (ignoring mortgage interest deduction, future value of money, etc) is about 2-3 years, and we're planning on being here at least 10, if not 15-20, so the math makes sense.
(It could have been even better to pay points and get an even more ridiculously good rate, but we're hurting for liquidity after the renovations, and - strangely - at the time we refinanced, points wouldn't have lowered the rate a huge amount, making the marginal benefit slim.)
no subject
Not large, but not trivial: 3/8 of a percent lower, paying very little cash to do so. Naive payback time (ignoring mortgage interest deduction, future value of money, etc) is about 2-3 years, and we're planning on being here at least 10, if not 15-20, so the math makes sense.
(It could have been even better to pay points and get an even more ridiculously good rate, but we're hurting for liquidity after the renovations, and - strangely - at the time we refinanced, points wouldn't have lowered the rate a huge amount, making the marginal benefit slim.)