The good news: 15 yr mortgage rate is...

Sounds like a good idea on the surface. Big questions are what is your current note, what will your new note be, how stable is your long-term employment outlook, and how much of a reserve do you have in case of a rainy day?

Free advice anyone?

I'm 24, wife 26. Bought our first home 09/2009. Just out of college and no credit we went with our local bank. 15 year amortization @ 5.75% but only 5 years fixed rate.

I call them up last month to see if they'll refi for 15 years at a fixed rate. Will only do another 5 years fixed (it's been 2 years) at the same rate (5.75). I would love to go local but c'mon.

We now have 2 years of home ownership on our credit and just over a year on a new car. Never missed a payment. One card that we pay off monthly. 720-740 range on our credit scores as of last winter.

Advice on where to turn and not get raped with fees? I'm leary of mortgage companies, should I be? Realistic expectations on what rate we can get for 15 year fixed?

Thanks