As pitched, we would pass. The balance jumps to about $260,000 from the roughly $246,000 you owe, so you'd give up around $14,000 of equity on something being sold as a good deal. A gap that size usually means the lower rate is being bought down with a couple of points rolled into the loan, and we lean against paying points as a default in the first place. The bigger tell: all you got was a spreadsheet from the company. Always insist on the official Loan Estimate. That's the disclosure where the real costs and tolerances live, and a marketing spreadsheet can say anything. Two rules make any 15- or 20-year pitch easy to evaluate: - Ask for apples-to-apples. Compare it against a standard 30-year at the same points, so you can see what the shorter term really costs versus just paying extra toward principal on your own. - Know about custom terms. If your goal is simply a lower payment without adding years, most lenders can do a refinance that matches the exact number of years you have left, so you're not forced to restart a full 30-year clock. Get the Loan Estimate, compare like for like, then decide.