Similar to gzz and others I have refinanced 3 times since buying in 2009, first was to get out of PMI, second was to get a lower rate and shorter term, 3rd time was for the same reason. I’m glad I’m not looking for a place in this market because I feel that the chances of a 20% increase in equity is about the same as a drop in value. Tough call! “Cash Call” wants everybody to use their house as an ATM, sound familiar? Obviously, I would have probably been better off to not pay points the first time around. Did not pay them the last time and still got an amazing rate.