Follow-up:

We are signing the closing documents tomorrow. 30 year fixed at 3.75% no closing costs. Actually the lender credit exceeded no closing and some is being applied towards taxes, escrow and stuff (not sure if that is considered in the no-cost that people normally speak of). As far as I can tell, this entire loan will only cost us $300 when factoring in absolutely everything involved. It is lowering our monthly payment by $275 so the refinance pays for itself in 25 days.

We locked our rate back in August on what looks like a day or set of days where the national average had gone up slightly (quarter point higher than it is today). Oh well. We estimated that it wasn't worth the hassle and unknown to try and start over to get a better rate. Quicken Loans (in their defense) actually applied an additional $1500 credit towards our closing when I brought it up with them that rates are lower now than when we locked.

For the first time since we bought the house we are finally in a position to rent (if we chose) and be making a profit on the cash flow. Now to start socking away money towards our next house in hopes that we can keep this one in the future and become landlords.

Thanks for the advice and tips.

-A