when does it make sense to refinance to a 15 year mortgage

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Should I refinance my mortgage? Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!

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For a 30-year fixed-rate mortgage on a $100,000 home, refinancing from 9% to 5.5% can cut the term in half to 15 years with only a slight change in the monthly payment from $804.62 to $817.08.

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Refinancing into a 15-year loan makes particular sense for homeowners who have been paying their mortgage for several years. It's also a.

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The traditional rule of thumb is that it makes financial sense to refinance if the new rate is 2 percent or more below your existing interest rate. The new rate on a refinance must provide enough.

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When you refinance to a 15-year loan, you can still take the deduction for your mortgage interest but it loses some of its value since you’re not paying as much interest. You’ll also have less time to benefit from it, which may work against you as you get closer to retirement .

When does it make sense to lower my mortgage interest rate through a refinance Examples to consider when a refinance makes sense or not: Larger loan amounts do not need as much of a lower rate to make financial sense to refinance. On larger loan amounts it is easier for lenders to pay for a borrower’s closing costs which could make the loan a.

Find out when refinancing makes the most sense and when it could be a bad move.. refinancing from 9% to 5.5% can cut the term in half to 15 years with only a.

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To make a 15-year mortgage work, you'll need a reliable income and. Read on for a look at the pros and cons of 15-year, fixed-rate mortgages and guidance on who should and should not consider one. His customers typically use it to refinance, aiming to become. Find out if refinancing makes sense.