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by S201 970 days ago
In this case you would likely do a 15 year term loan. The previous comment is misleading or incorrect in stating that you have to do a new 30 year loan always when refinancing.
1 comments

When I refinanced they let me pick a term of a 27 years, of course it was at the 30 year rate. There is no advantage to doing this versus just automatically overpaying the mortgage every month to tune in the target payoff date.
A 15-year loan is a standard term, with rates that are usually different from a 30-year.