I have a rental property that had a mortgage with a dozen years left to go. The remaining balance, $72,000 and a rate of 5-7/8%. I recently got a letter from Chase telling me they’d offer a refinance with little effort on my end, no appraisal, no income check. It would cost $1800 in fees, however. The new rate, for a 10 year loan would be 4-3/8. So, a back of napkin calculation tells me I’d save just over $1050 in interest the first year, and would break even by the second year. By pulling the remaining time down to 10 years, combined with the bank adding the $1800 fee to the mortgage, I wind up with a slightly higher payment, $62/mo higher. But in the end, it’ll be worth getting rid of this mortgage two years sooner and seeing the rent check as an income. That’s what I did yesterday afternoon, talk to Chase for a half-hour or so, and scan/email some forms back and forth.