More refinancing homeowners choose shorter loan terms

Homeowners who choose a longer term loan can always make an extra principal payment when finances allow. Although the mortgage rate will not be the lower shorter term rate, paying down principal will reduce the term of the loan. When refinancing, the best approach is to look at the whole picture.

Choosing to take out a home loan with a 40 year term will have even lower repayments than a 30 year loan term-$1,805.20 on $350,000 loan with a rate of 5.50% compared to $1,987.26 with a 30 year.

You might think that refinancing your mortgage to a shorter-term loan is a win-win: You save on interest and pay off your home sooner. But many mortgage experts say there are better ways to invest.

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A mortgage loan term is the amount of time during which a borrower makes monthly payments toward a home loan. Most mortgages are designed to be paid off in 15 or 30 years, but other loan terms are available. Generally, mortgages with longer terms will have lower monthly payments than mortgages with shorter terms.

The lock-in period you should choose depends on your expectation of when you will sell the property and also on your view of.

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Mortgage Refinancing Terms and Considerations. Closing costs to refinance home mortgage loans: closing costs are miscellaneous costs associated with closing a real estate transaction. Attorney fees, appraisals, credit reports, prepaid interest, homeowner’s insurance, title insurance, and more.

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7, 2010, the Federal Housing Administration (FHA) offers a "short refinance opportunity" for eligible underwater homeowners. will not change your loan-to-value ratio, it can get you into a product.

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The type of loan you choose will depend on your reason for refinancing.. You may also want to refinance to a shorter loan term to pay off your mortgage. If you stay in your home for a long time, a fixed rate mortgage may be more affordable.

You can get a shorter home loan term. This will help you pay off your mortgage sooner. With a shorter term, and a lower interest rate, more of your monthly payments will be applied toward principle, which will also help you build equity faster. You can change from an adjustable-rate to a stable fixed-rate loan (ARM). Switching to a fixed-rate.

Homeowners refinance their home loan for a variety of reasons: To get a lower interest rate. This usually means a lower monthly payment. To get a shorter term, so the mortgage will be paid off sooner.