[lookout123]

Glatt, I can't advise you to do anything but if I were the one with that offer I'd take the 20 year note but send payments consistent with the 15 year payoff. If you find yourself in a situation where you have to cut your budget it is easier to send in the lower required amount of money that month than trying to scrape cash together somewhere else. Of course, if you are sitting on a large safety cushion and can't think of a time where $100 will matter either way the 15 year note probably has a slightly lower rate and would be better. YMMV.

Also, you don't really need to send Obama a thank you note. You're probably the beneficiary of an attempt by Wells to clean up their books to increase their own credit rating. Banks borrow the money they lend and analysts look at the date of loan origination as a part of that calculation. Loans made during certain time periods are considered more likely to go delinquent and default so the easiest thing to do is give the same consumer a new loan with a different origination date. Good for you.