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There really isn't one best option that applies to everyone the same. You have to determine what you are comfortable with.
As far as refinancing, if you currently have a fixed rate loan, the original lender still owns the loan, and you want no money back, then you can recast your loan instead of a refinance. Call your mortgage company to see if you qualify and what they charge. Last time I did it my fee was 500 bucks.
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