CUJO,
You are best off to stick with what you have. As long as you have a fixed rate on the property and your rate is 6.25%, you are doing fine for an investment property. Yesterday's rates with my lenders was around 5.25%-5.375% on a 30 yr fixed mortgage for PRIMARY residents. Since investment property is such a huge risk for banks, you would take a big hit to your rate to refi.
Most of my banks, if not all, require that you have 25% in equity on an investment refi which would mean your home would need to be worth closer to 260k to make it work. Just to give you some peace of mind and put this to rest and you can move on. Let's say you can get your rate down a 1/2 point to 5.75%. On a $190,000 loan over 30yrs, you would only be saving around $61/month.
If your closing costs were around $2,200, it would take you 3 yrs to "recapture" your closing costs and then start actually saving money. Don't forget that you have already been paying on this home and you would go back to 30 more years!
Does that answer your question? Hope it helps. Have a great day!
Mighty Moe
