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@petitenoisette: That was our only drawback. We appraised for slightly less than we were hoping for, but our original loan was an FHA loan. So we had PMI. With the removal of the PMI and the low interest rate, we're actually paying about $20 less/month for the 15 year loan than we were for the 30 year loan! So it was really a no-brainer even with the appraisal being less. Hoping your refinance goes smoothly!!
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@travellingbee: Agree with some of the others. We've had our home for 7 years now, so we've been paying into our mortgage for 7 years. The reason we switched to a 15 year is because of the amazing interest rates and getting rid of our PMI. This made the mortgage payment almost exactly the same (and actually a little cheaper). When we initially bought our house, we only put 5% down.
DH and I are also both working and have 2 boys in daycare. The cost of living where we are isn't quite that high, and I live pretty far from work. I'm about an hour and 15 minutes from Philly, but have a Philly salary. If I did the same job where we live, it would be cut in half for sure. I've been lucky in my career that my employer is recognizing women don't make as much as men with the same experience and are trying to catch us up.
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