It really depends on how many years you have paid into the 30 year mortgage that you currently have. If you go to my website www.ALendingPartner.com and you go to the tab "Mortgage Calculators" and go to the calculator that will show you how "How long will my mortgage last if I pay more each month" that will assist you in making your decision. If you have not been paying on the mortgage that you currently have for long, the obvious answer is that you would want to refinance. You can call me directly @ 843-290-6635 or email me at Dwight@ALendingPartner.com for more assistance.Thank you, Dwight Bennett

No one knows what the future will hold. ... Even before the financial crisis we're facing, many of my clients that refinanced into a 15 year fixed, refinanced back to a 30 year.Your payments will be about 1/3 higher than a 30 year.... Just a small reversal in your finances may make the payment to difficult to bear. ... I also suggest not to throw extra money toward your principal. ... It doesn't help you with the rate and if needed, you can't withdraw it, unless you are able to refinance. ... Also consider, values have not come near to stabilizing.

Honestly, if you are confident with your savings and can allocate your money properly, do not refinance. Just send extra money. You will save $ 4000. However, if you think you will spend the money on other things, then refinance it so that you will pay monthly on time.

It all depends on how many years you have left on your loan.

As Dwight said below, you need to run the numbers and see. Without knowing all the details no one can give an answer based on what matters , the facts. Call Dwight or a lender you trust and run those numbers.