I upgraded from a 30yr fixed (8.25%) to a 15yr fixed (5.125%), and cashed out, same mortgage company (ABN AMRO). Had I not cashed anything out it would have been simpler. I put 30% down on the house when I bought it, and this cash-out actually takes me a few thousand dollars back above what I originally financed for. But for $45 more per month I can pay off some debt and knock 7 years off the loan (the closing is 5 days before the 8th anniversary date of when I first bought).

I'm hoping to buy a ground source heat pump and solar panels, but we'll see how that goes after this fun is done.