Refinance To A 15 Year Mortgage

If you have a $200,000 mortgage, for example, refinancing to a 30-year fixed term with a 4 percent interest rate would put your monthly payments at about $955, assuming that you made a 20 percent down payment. Going with a 15-year loan instead with a 3 percent rate would increase your payments to nearly $1,400 a month.

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Should you refinance a 15 year mortgage? It will save you money compared to a 30 year fixed rate mortgage. A full point of interest is the usual difference.

But does this mean a 15 year mortgage is good for you? In this article we’re going to explore some of the pros and cons of the 15 year mortgage so you can decide for yourself. Check Refinance Rates. Pros and Cons of a 15 Year Mortgage Term. If you can afford the higher monthly payment then a 15 year mortgage makes a lot of sense.

Want a short-term mortgage with an insanely low rate? Refinance or purchase a home with a 15-year fixed mortgage. Call today! Want a short-term mortgage with an insanely low rate? Refinance or purchase a home with a 15-year fixed mortgage. Call today!. With Rocket Mortgage by Quicken Loans.

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Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.

The rate on 15-year fixed-rate loans fell to 4.07 percent from. the week ended dec. 7 rose 1.6 percent from a week earlier, according to the Mortgage Bankers Association. Refinance applications.

Refinance rates valid as of 06 Jun 2019 09:46 am EDT and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and.

He sent me a little background on his mortgage situation and wanted to know if he should refinance his VA Loan from a 30 year mortgage to a 15 year mortgage. Should you refinance a 30 year VA Loan to a 15 year mortgage? Q: Ryan, I’m looking at my mortgage situation and am considering refinancing my VA Loan from a 30 year mortgage to a 15 year.