10 year refinance mortgage

The 30 years fixed rate mortgage remains the most popular choice for mortgage loans, the borrowers because they create the conditions for higher amounts and purchase more expensive homes. In recent years, more homeowners for a 15-year mortgages to the high cost 30 years of the mortgage. Here are some tips for you to decide whether 15 years mortgage refinancing is right for you.

Automatically selecting a 30-year mortgage refinancing if your home could cost you thousands of dollars in unnecessary mortgage interest. You pay a surprising amount with a higher 30-year mortgage compared to a 15-year mortgage loans. The choice of a 15-year mortgage will not only qualify you for a lower interest rate by half a percent, but you will only pay the interest for half as long.

Here is an example of the savings:

Suppose you borrow $ 200,000 to refinance your house with a traditional 30-year mortgage at 6.5 percent. Your monthly payment for this loan is about $ 1260 per month. In the 30 years do you think this mortgage you will pay a full $ 255,000 to the lender for the interest on the loan.

Now suppose you refinance your mortgage $ 200,000 with a 15-year loans. The interest rate for you with a shorter term length will be 5.9 percent. Your monthly payment for this loan will be slightly higher at $ 1670, but you only pay $ 101,800 to the lender for this mortgage with interest.

Can your budget supporting an additional payment of $ 410 per month? Probably, if plan and keep to a monthly budget. You can learn more about your mortgage options, including the mistakes to avoid with a free mortgage refinancing tutorial.

To get your free six sub mortgage refinancing tutorial, visit RefiAdvisor.com with the link below.

Louie Latour specializes in homeowners how to avoid costly mortgage mistakes and predatory lenders. To your hands on this free video tutorial: "Mortgage Refinancing - What You Need To Know," "teaches strategies for finding the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

15 years mortgage refinancing