With interest rates continuing to drop, it makes sense to refinance once more, for the sole purpose of decreasing our interest rate. Since Chase has been doing a good job with the current mortgage, we approached them and asked if we could refinance to a lower rate. They agreed.
We again refinanced with Chase Manhattan Mortgage, getting a 15-year fixed rate mortgage for $125,800 at 5.75%. This paid the balance of the third mortgage of $125,823.32 plus closing costs. Closing costs included title insurance ($768.20), but since the previous re-finance was so recent, we were able to skip the appraisal.