Ask 5 Questions Before You Refinance to a Shorter Mortgage » Mortgage Masters Group
Refinancing can make your loan term shorter if you want to get it paid off sooner. However, some loans have a pre-payment penalty if you pay the loan off early (often within 5-7 years.) Be sure to ask lenders if a pre-payment penalty applies.
Before you call us for your refinance, there are a few things that you need to ask yourself about your current mortgage. You have to know that refinancing is going to be the right fit for your situation. When rates are this low, they usually are, but it never hurts to know for sure.
If you’re seeking a shorter term mortgage loan, the best par 15 year rates are still in the 3.375% to 3.625% range. Mortgage Rate Disclaimer. an opportunity to refinance at record low rates because.
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Before refinancing, shop around for the most competitive rates and terms. Ask your loan officer or mortgage broker to crunch the numbers for you to determine the bottom line outcome. If your lender can’t answer your questions, find one who can. As a consumer, you deserve full disclosure. As a prudent homeowner, never sign up for a loan that you can’t manage. Further information: mortgage refinance faq; mortgage refinance; Fannie Mae ; FHA Streamline Refinance; FHA Loans
· Like any major decision in your life, it’s always good to ask some important questions before making a choice. The same applies to mortgages. Here are some key questions to ask yourself and the bank before you take on a mortgage for that dream home of yours.
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A 15-year term does come with a higher monthly payment, so you may need to adjust your home-buying budget to get your mortgage payment down to 25% or less of your monthly income. But the good news is a 15-year mortgage actually pays off in 15 years.
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