This is a good idea, but there are a few items to consider:

Terms - Refinancing is a great way to recoup equity faster.  If the house corporation can afford a higher monthly payment, this is an option to consider. 

Loan Costs - All costs should be considered.  These include application fees, points, loan origination fees, processing, appraisal, attorney, insurance, private mortgage insurance, credit report, survey, title work, underwriting, transaction fees and others.  What you ultimately save in the long run should be calculated after you have considered all of the costs associated with refinancing.

Hidden Provisions - Some loan contracts include a prepayment penalty.  These penalties have been known to be as high as 80 percent of the loan balance, but reduces over the life of the loan.  

The best way to find a new deal or explore your options is to contact your current lender.  Some lenders specifically design programs in order to retain current borrowers by offering them special low-rate, low- or no-cost refinance packages.  Have your lender prepare a package and comparison shop using this as a benchmark.  You will likely find that rates and terms vary greatly in the fraternity housing market.  If you have additional questions or concerns, please do not hesitate to contact Fraternity Housing Corporation for assistance.