[78sc]

Hi all,

With interest rates as low as they are I had been thinking about refinancing from a 30 year fixed at 6.875 (23 years left) down to a 15 year fixed at 5.0 (or less) which would give me about the same monthly payment.

Now, today at work, the president of our company announced that there will be a workforce reduction by march. So I'm thinking now why not refinance with a new 30 year fixed which would drop my monthly payment by 27%. If I get laid off, I'll have a lower payment to make while I get another job. If I don't get laid off, I can just apply the monthly savings to extra principle payments and effectively end up with a 15 year pay off.

I've already been to several banks and they're all more than willing to do the refi. It looks the refi costs will break even in 5 months.

Anyhow, just trying to think of ways to take advantage of the low rates out there right now.

Thoughts?

Thanks!