refinancerates

  Like most people, if you think of buying a house, then you probably wonder about a 30-year old mortgage to get the right refinance rates . And the reason behind this is nothing but low payment. But at the same time, there are manifold risks associated with them.   In this post, we’ll discuss the benefits of a 15-year fixed-rate mortgage and how it makes sense in the low-rate environment. 1. Interest Savings over Time There’s no denying that you are likely to pay less interest as per the term. If you ever consider the graph of a schedule for a 30-year loan, you’ll notice that you pay more toward interest than you do on the principal. On the other hand, when you pay for shorter-term loans like 15-year fixed, you will notice that you will pay more toward the balance every month instead of the interest. Considering the amount of your loan, it is wise to think as you are likely to save thousands of dollars over the period of time. 2. Lower Interest Rate It couldn’t b...

  If you have been wandering over the internet to find more about refinancing, then you know the importance of refinance rates ! There’s no denying that getting a mortgage even with a 1–2% drop in interest rate can make a huge difference in your monthly budget. And if you were thinking of refinancing from your current mortgage term down to a 15-year fixed-rate mortgage (which is recommended), make sure you do it right away. What is Refinancing? Refinancing can be defined as the process of getting a new mortgage by changing the terms of the one you already have on your home. There could be significant reasons behind refinancing your mortgage include switching mortgage companies, lower interest rates, reduced monthly mortgage payments, or using money from the refinance. One of the best things about refinancing is that you won’t be tied to two mortgages. Through the refinancing process, your first loan will be paid off and a second loan will be created in its place. How Do...