Should I refinance my rental property?

[Jacky Johnson]

I have a rental property that still has a 22 year mortgage (originally 30-year) at fixed interest rate of 3.125% with monthly payment of $1750. I have encountered an opportunity to refinance at 15-year fixed loan of 2.625% (no point, no fee) for $350K (still owed the bank). I have done a deal analysis and with refinance, my monthly payment is $2354 and saved $38280 total. Should I refinance? If I do, what other things I still need to consider? Thank you.