40 year mortgage refinance

If your financial goals are building equity in your home, choosing a mortgage with 15 years in length will help you build equity faster. Mortgage loans with shorter period lengths with higher monthly payments, but you pay less money to the lender in finance charges. Here are the advantages of choosing a mortgage with a short length.

If you want to pay your mortgage as quickly as possible, you need to determine the level of principle you pay per month and minimize the interest. Mortgages are front-loaded with interest, so this is no easy task. You can do this by choosing a mortgage with the shortest duration and the lowest interest rate you can.

Another option for building equity quickly, it is, every two weeks mortgage payments. By dividing your monthly payment in half and paying that amount every two weeks you will have an additional payment each year on the equity. The bi-weekly payments on a 15-year mortgage allows you to pay your entire mortgage in a little more than ten years. To learn more about your mortgage options including common mistakes to avoid, register for a free mortgage advice.

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Louie Latour specializes in homeowners, such as advertisements, to identify common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need To Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

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15 years mortgage