If you currently own a house, and the only way to keep from being foreclosed on or going bankrupt is to refinance. mortgage in 10.2 years. Do what smart people do, Julie. Do what people who win.
Refinancing your home loan to a fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan. Refinancing to a fixed-rate mortgage is a good choice if you:
Are 15-year, fixed-rate mortgages a good choice for refinancing? They often are, especially for homeowners well along in an existing 30-year mortgage; these can be used to chop years off of a remaining mortgage term, and often at the same or even lower than their current monthly payment.
The 15-year fixed rate averaged 3.21%. That’s on top of 1 million FHA loans last year. mortgage broker jeff lazerson can be reached at 949-334-2424 or [email protected]. His website is.
Advantages of a 15-Year Fixed-Rate Home Loan. Build home equity much faster: People typically move homes or refinance about every 5 to 7 years. If a person stretches their loan payments out to 30-years they build limited equity in their home in the early portion of their loan.
Depending on your situation, refinancing to a 15-year mortgage could either improve your financial situation or make it harder to reach your other financial goals. Here are some of the major factors to consider when determining if a 15-year mortgage is right for you.
Pre Qualified For Mortgage . rates have many people thinking about buying a new home or refinancing their current mortgage. To take advantage, figure out your budget and get prequalified for a loan. Don’t jump too fast,
(RTTNews) – Mortgage rates, or interest rates on home loans, increased to highest. Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.75 percent for the week ending October 24,
(Reuters) – Borrowing costs on U.S. 30-year and 15-year fixed-rate mortgages fell to. The decline in mortgage rates is expected to help home sales and to stoke refinancing, putting more cash into.
15 Year Interest Rate Mortgage A 15-year fixed-rate mortgage maintains the same interest rate and monthly payment over the 15-year loan period. The 15 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are usually higher than with other mortgages.
Adjustable-rate mortgage loans accounted for 5% of all applications. The average interest rate for a 15-year fixed-rate mortgage rose from 3.28% to 3.42%. The contract interest rate for a 5/1.