Refinance to a 15 Year Mortgage Rate

IT MAY MAKE A LOT OF SENSE TO REFINANCE YOUR MORTGAGE FROM A 30 YEAR FIXED TO A 15 YEAR FIXED

Refinance to a 15 year mortgage rate to pay off the mortgage on your house much earlier and to save yourself a lot of money in Sarasota FL and Bradenton FL!

Well, I am sure you have heard by now that mortgage rates have risen substantially over the past few months. If you missed mortgage rates when they were at their low, it may still make sense for you to refinance. Currently, many lenders are advertising interest rates on a 15 year fixed rate home loan that are nearly one (1) percent lower than the rate on a 30 year fixed rate home loan. As a result, the monthly payment on a 15 year home loan can be around the same amount as the payment on your current 30 year fixed interest rate mortgage loan. For example, on a $100,000 loan amount at an interest rate of 6.25% amortized over 30 years, the principal and interest payment is $615.72. That same loan payment on a 15 year fixed rate mortgage at a 3.5% interest rate is $714.88. That is less than $100 more and your mortgage is paid off in one-half the time – in 15 years rather than in 30 years! That can be a savings of up to around $93,000 over the life of the loan!

So, do not beat yourself up over having missed out on your chance to refinance your home mortgage loan when interest rates were at their lowest. You can still refinance your home loan from a 30 year fixed to a 15 year fixed to pay off your home mortgage much earlier and save yourself a lot of money!

Disclaimer:  This article is for general informational purposes only and is not intended to serve as/be financial advice.