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  • Save Thousands of Dollars!!

    October 6, 2016
  • Refinance into a 15-year mortgage and save a ton of money.

    There are at least 2 ways that refinancing into a 15-year mortgage saves money:

    Interest rates on 15-year, fixed-rate mortgages typically run about three-quarters of a percentage point lower than the interest rates on equivalent 30-year home loans.
    You pay interest for a shorter time. This seems obvious, right? But the difference between making 360 house payments (a 30-year loan) and 180 house payments (a 15-year loan) can total tens of thousands of dollars. And you’re mortgage-free sooner.

    A 15-year mortgage carries 2 major drawbacks:

    • The monthly payments are higher than for a 30-year loan.
    • It restricts your flexibility when money is tight.

    From a financial standpoint, if you can afford a 15-year payment, it definitely makes sense to do that.  The big question is, can people afford that jump in payment.

     

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