re: Wife and I just locked in our first mortgage....

Congrats man! We did a refi in October that went from 5.25 to 3.75. Don't pay attention to the posters dogging you out for going 30 years. I did 30 years also, but have an extra $85 bucks drafted with my monthly payment which equals to one extra mortgage payment a year. That will add up quickly. Goal is to have the house paid off in 20 years or so at the most.