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First, I recommend that you and your family sit down and really determine your goals for refinancing,There is more to it than one might think. Most families refinance a home to reduce monthly payments. And if that is your goal then you should be able to not only refinance but also restructure this debt.In restructuring you will either move to a conventional loan or into 2 loans if available on your area. The rate on a 30-yaear note alone won't likely be enough to cost-justify the move.The new FHA Mortgage insurance will do the opposite...likely raise your overall payments even at a much lower rate, this, unless you qualify for the streamline...your Mortgage Professional can help you determine this.Most of our clients find that moving the payments into a structure where you are not paying any part of the payment towards the FHA Mortgage Insurance should generate sufficient net-benefit to their families.What if you could save enough over the next several years to pay for college?If you onsider a 20 or 15-Year Fixed term you might just see the light on this.If you can handle the level or higher payment you will save tens of thousands of dollars over the remaining term. And usually shorter rates are available on these shorter term loans.Or, consider a bi-weekly payment even on a 30Year term...these numbers can be astounding!That's my 2 Cents. Happy Holidays and thanks for your Post.Best,RJS
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