Do you have an Adjustible Rate Mortgage? It's not too late to refinance. Check out the going rates in your area, then call your current lender. See if they can make you a really great deal.
We were serial home buyers. Back before the real estate market tanked. We kept moving up, selling off one house, pulling the equity for the downpayment on a newer, shiner model. Our last move was different. We actually moved further away from the city and into a smaller, less snazy house. Purpose: To pull out the equity to prepay into our state college tuition program. We fully funded two four year public college funds for each kid. My son fully used his share, and is paying for his ahem, fifth year himself. Daughter is delaying her degree, she wants career training first.
When we purchased this home, we never ever figured we'd be here this close to the 10 year ARM point of annual recalculation. But the market tanked, everyone that has to move rents out their homes, none sell easily.
It's been bugging me that here we are, preparing to celebrate our 30th wedding anniversary, and still are looking at 22 years left on a mortgage.
One call to our current lender put a new spin on all that. At no cost to us, totally free, we have refinanced to a fixed rate mortgage and will own our home in ten years! The rate is almost two percentage points lower than we had been paying. They waived the appraisal, so nobody tramped through our home with a tape measure and clip board. The documents were over-nighted to us, we took them to a local notary public, executed them and overnighted them back. No cost to us. They even sent us a pen.
So, what are you waiting for?