I closed yesterday on the refinance of one of my rental properties!
The rate is dropping from 6.89% to 5.00%.
The balance is increasing from $99,300 to $100,500.
The payment is dropping from $666 to $534.
I also had to bring $2,100 to the table for closing, but at least I get to skip a monthly payment since my first one won't be due until January. And when my escrow account was re-configured they dropped my monthly escrow requirement by $27. So I'll save nearly $160 a month going forward with total mortgage payments - including escrow - of only $852 (the property is leased for $1,535). I should be cash flowing big time in 2012 *fingers crossed*.
I am going to hold off refinancing the other mortgage to see if the value comes back up next year. I don't feel the need or desire to put tens of thousands down just to save on my monthly payment. At least not yet.