Certainly not an expert at it, with a long term fixed you know what you have and are protected if there should be a sudden rise in rates. I refi-ed in 2003, I was sick, didn`t know what was going on or how long it would last, and figured if I didn`t get better soon I would be living on a pension.
For me it was simply a matter of reducing the amount of my house payment, I went from a 15 year fixed at 7.5 percent to a 10 year fixed at 5.75 and dropped my house payment from 625 a month to 225 a month.
Different situation though, I didn`t owe that much, like 5 grand now, and was just because I was unsure what my income would be if I couldn`t return to work.
I have always made bigger payments on the principal, and don`t pay enough interest for it to be an advantage at tax time now.
Read the fine print on your bill though, they changed our bills and money I thought was going to the principal for almost 8 months was just paying the house payment ahead. I don`t have a house payment due until the end of August, by then it will be paid off.