Home Loans

More refinancing homeowners choose shorter loan terms

Refinancing might be a good idea even if you don’t get a lower rate or a shorter-term loan in some cases. For example, you might refinance to get out of an ARM. If you’re worried about significant interest rate increases in the future, refinancing into a fixed-rate mortgage will give you more certainty-even though today’s monthly.

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November 20, 2013 Refinancing Homeowners Choose Shorter Loan Terms. Thirty-seven percent of borrowers who refinanced Freddie Mac-backed loans in the third quarter moved into shorter loan terms, up 5 percent from the second quarter and the highest level since 1992, according to a report released Nov. 12 by the government-sponsored enterprise, HousingWire reported.

Loan term. Your loan term is the amount of time you have to pay off your mortgage balance. Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates. If you pay off your mortgage balance within a shorter term, you may pay less in total interest than with a longer-term mortgage.

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What some savvy homeowners do is refinance from a 30-year term to a 15-year term. That way they don’t extend their loan term, and in some cases actually shorten it. As noted, mortgage rates are also cheaper on 15-year mortgages, so the savings can be two-fold.

It’s possible, in some circumstances, to use a mortgage refinance. you choose a shorter repayment timeline, or if you borrow only a small amount and pay it off early, you could save a lot of money.

Homeowners should choose home loan packages based on their needs instead of trying to take advantage of short-term interest rate movements. Therefore, many customers have opted for a more stable.

Homeowners refinance their home loan for a variety of reasons: To get a lower interest rate. This usually means a lower monthly payment. To get a shorter term, so the mortgage will be paid off sooner.

You might think that refinancing your mortgage to a shorter-term loan is a win-win: You save on interest and pay off your home sooner. But many mortgage experts say there are better ways to invest.

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But that means you’ll end up taking even longer to pay off your house and paying more interest. Choosing a suitable loan term for your mortgage refinance is a balancing act between an affordable.

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