Refinancing? Home Mortgage Rates

A few weeks ago, one of my friends posted on Facebook that she and her husband refinanced their home mortgage with a program designed for people who were current on their mortgage and it did not require an appraisal.  She said that the new mortgage rates allowed her and her husband to save thousands each year!

So, my husband and I started thinking... maybe we should try to refinance as well. We refinanced once a few years ago, but are paying a really high rate of interest. We called a friend of mine who is a lender to do a credit check and let us know what we needed to do.  We don't have a whole lot of credit (just the house, car, and student loans) but we do have a few unpaid medical bills that we are working on paying (can you say insurance nightmare? Luckily hubby got new insurance through work).

She told us we needed to pay off the bills (which we knew) but also to each get a credit card (that we did not know). It seems funny to get into more debt when you are trying to get out of debt! But, we are going to do it because we want to take advantage of the historic lows.

Have you refinanced your mortgage?  Are you thinking about it? Pros and Cons?