We are currently in a 2yr ARM at 4.75% (26 years left) at our local credit union.

We are thinking about refinancing with Wells Fargo:
15 year fixed rate at 3.375% before the Feds announce a possible increase in December.
I talked them down to $700 in fees (appraisal fee, credit report, origination fee, etc). They originally quoted me $1,266 in fees so this saves me a bit of money. The remaining legal stuff will have to be paid as well when I choose my closing attorney.

Anything else I should worry about or consider before we actually go through with this? I've never done a refinance before (just purchase mortgages).