mortgage for 10 years

Most homeowners who refinance their mortgages today, you should use a loan with a 15 years, but many opt for the higher cost of a mortgage in 30 years without thinking about it. There are valid reasons for the choice of a 30 -year mortgage, but you can save lots of money with a shorter duration. Here are some tips to make money when you refinance your mortgage.

The main advantage of the choice of a 30-year mortgage is that your payment amount will be lower than if you have a 15-year loans. The disadvantage is that you build equity in your home at a snail's pace, and that more time on a 30-year loan could more than double your financing costs. Here is an example of the high cost of a 30-year mortgage loans.

Assume for a moment, you were to refinance a $ 200,000 mortgage at 6.5% for 30 years, your monthly payment for this loan is approximately $ 1,250. In the course of 30 years, you pay the lender over $ 250,000 in finance charges alone! You could buy another house, what you pay for the lender in mortgage interest rates.

The same loan for 15 years will net you a lower mortgage rate as low as 5.9%. Your payment will be higher each month about $ 1650, but you will pay significantly less in finance charges. The mortgage interest you pay during the 15-year period is slightly more than 100,000 U.S. Dollar. Can you pay $ 400 more per month to save $ 150,000? Most homeowners, which is why it makes sense to refinance your loan with a 15-year loans. You can learn more about your mortgage refinancing options, including costly mistakes to avoid with a free mortgage 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.

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