Use mortgage calculators to weigh the pros and cons of a 15-year mortgage refinance. Fifteen-year, fixed-rate mortgages are appealing to a growing portion of borrowers who want to refinance their mortgages, accounting for one in five refinance applications in October 2009, up from 9% of refinance applications one year earlier, the Wall Street.
– Mortgage Rates – My current home mortgage is a 30 year FRM at 5.5%, I’ve paid off close to 40% of the loan (was 400k, now 240k), and I was wondering if I should refinance into a 15 year to pay off the loan faster, or keep a 30 year FRM to keep payments cheaper.
Find rates, APR and monthly payments to get the best 15-year mortgage for a new home purchase or refinance. 15-year mortgage benefits. A 15-year mortgage can save you money in the long run. interest rates on 15-year mortgages typically are lower than the interest rates on longer-term home loans, and you pay interest for a shorter time.
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For example, if you currently have 15 years left on your mortgage, refinancing to a 30-year loan would allow you to make the repayments over a period twice as long. Cash-Out Refinance Your lender might allow you to refinance for more than you owe if you’ve paid down your mortgage or your home has gone up in value.
If your beginning loan was a 30-year loan, for example, you can refinance into a loan lasting 20 years or 15 years instead. Reducing the number of years in your mortgage will "accelerate" your.
Purchasing or refinancing with a 15 year fixed rate mortgage is the new trend, especially with the low interest rates that have held up for some years now. Many homeowners are refinancing from a 30 year fixed mortgage to a 15 year fixed mortgage because of the many benefits it offers, and homebuyers are digging in to see how they may be able to.
Add the cost of refinancing – your closing costs will typically amount to about 2% to 5% of the loan value – to the cost of your new payments. (For a 15-year loan, for instance, multiply your revised monthly payment amount by 180, for 15 years x 12 months.)
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