should i refinance to a 15 year mortgage

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In today’s #AskRachelCruze vlog, I explain why refinancing to a fifteen year mortgage is better than a thirty year mortgage. Check out the bundle that includes my book "Love Your Life, Not Theirs.

Before you refinance into a 15-year mortgage, shop around and compare current refinance mortgage rates from different lenders.. When a 15-year mortgage might be a mistake. The minimum monthly.

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Should I refinance my mortgage? Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!

For a 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to 5.5% can cut the term in half to 15 years with only a slight change in the monthly payment from $804.62 to $817.08.

When should I refinance from a 30-year Mortgage to a 15-year mortgage? The typical rule of thumb is that if you can reduce your current rate by 0.50% to 1% or higher, then it might make sense to consider a refinancing move.

There are definitely times that it makes sense to refinance your mortgage. Whether it is to take advantage of a lower interest rate, shorten the term of your loan, or consolidate debt, you should make.

If you refinance an ARM to a 15- or 30-year fixed mortgage, you’ll get the benefit of predictable payments for the remainder of your loan. 3. Your salary has gone up significantly The benefit of.

Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.

A 15 year mortgage will have quite a larger payment over a 30 year, so if you have more income or you are refinancing after 10-15 years in the current mortgage, then a 15 year is worth considering. A 15 year mortgage generally has a little lower i.

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