Not sure if I'm following the question correctly or not. Are you debating refinancing your mortgage (that is 15 months old) at the same rate, for the benefit of getting $700 back?
The mortgage is not 15 months old, it is just under 3 months old (bought in November 2011)
The $700 back is only one of two benefits. The other is that I would have an easier time managing (tracking, paying, etc) the mortgage. I signed up for an account at my mortgage servicer's web site, but I've already forgotten the login info.
There are alot of other factors as well, what type of loan do you currently have (Conforming, FHA, VA, etc.)? What is the interest rate? What is the term (30 year fixed?), what is the outstanding balance?
Conforming, 30 years (of which 29.75 are left), 4% interest rate, 74% or lower LTV.
Also, regarding brokers, isn't the hassle of your loan being sold (which your loan officer should have informed you about during the loan process) worth the fact that you more than likely got a better rate/costs than your local bank? I compete daily with the local credit unions and big banks and very rarely do I get beat, so I'm making the assumption that is why you used the broker in the first place.
No, in fact the broker pretty much tied my credit union for the rate/fee combination. I went with them because I believe that the broker would help the transaction proceed smoother and quicker than the credit union. It did proceed smoothly and quickly (of course I have no idea how much, if any, smoother and/or quicker it closed compared to the C.U. loan I did not get).
If I had followed my friends' advice, taking the most negative points I could get my hands on, my credit union would have beat all the brokers I talked to.