Refinancing the 'ol split level

After 7 years, we've finally decided to refinance the house.

Now that I'm officially not working and expecting baby #2, I've been in a serious financial restructuring mode and refinancing the house has been on my mind as of late.

My view on refinancing was that to make sense of all the closing costs, we should wait to secure a mortgage rate of 1% under our current rate. We've finally succeeded at that - in fact we've secured a rate 1.5% under our current rate which saves us a total of $465/month. I'm pretty thrilled especially since our property taxes are a little over $500/month, this savings will help cover those taxes.

My only worry now is appraisal value ... we're crossing our fingers that we haven't lost so much value that we can't refinance...