Best Answer
The key?is "family budget is tight". Based on that if would appear that a 30 yr fixed would give you best benefit - lower payment and option to pay down principal at anytime. Rate is virtually the same for 30 and 20 yr loan, but payment is about 10% more monthly for a 20 yr.
You have done a good job with your finances, and if you plan on owning the property for 4 yrs or more it would be an excellent time to improve your position. I don't know the savings since?loan?balance was not?mentioned ?but likely to be well worthwhile as you would be?lowering your rate significantly.
Source: http://www.zillow.com/advice-thread/30-years-refinancing-w-22-years-left-on-original-loan/460907/
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