Spoke with Two Mortgage people,

Spoke with two mortgage brokers about the new Harp Program. Both said I qualify. The rate for a 15 year mortgage would be about 3.75% and the payment would be almost exactly what I am paying now with my 6.5% 30 year mortgage.

Yea...Thats correct...A 15 year mortgage payment would be the same as my 30 year payment because interest rates are roughly half of what I am paying now.

A 30 year mortgage would be about 4.25% which would cut my payment almost in half, but would add 5 years onto my mortgage and would cost me a ton more in interest.

I think I am leaning toward a 20 year refinance which will take 5 years off my mortgage and also lower my payment. Kind of a best of both worlds scenario. The final regulations should get to the bank soon, and then they will process the rules. I am hoping sometime in December I can get the ball rolling on this refinance!