The article looks at refinancing to a shorter-term mortgage loan with lower interest rates. Topics discussed include the qualifications for refinancing, an online calculator that helps homeowners look at numbers for...
Today’s mortgage rates In some good news heading into the weekend, average fixed rate mortgages dipped this morning. Today’s economic indicators provide hope for borrowers that more declines may be on the way, withdownward pressure on short-term interest rates. ...
When refinancing your mortgage, you may have the option to extend your loan term. While this can lower your monthly mortgage payment, it also means you’ll be paying more in mortgage interest over the life of the loan. Consider your long-term financial goals and whether extending your repayme...
Short refinance A short refinance is when you refinance your mortgage to a shorter loan term, typically to pay it off faster and save on interest. Example:You have a $250,000 mortgage at 4% interest with 25 years left. Your monthly payment is about $1,300. ...
Balloon or Jumbo Mortgage is a home loan which has a fixed interest rate over a certain period of years. This period is normally short, about 7 to 10 years. The advantage of this loan is that its interest rate is as low as that for ARM loans. The downside is that when the term is...
When you refinance your mortgage, you can lower your monthly payment, take out equity or reduce your interest rate. Here's what to know before you refinance.
PenFed Credit Union Mortgage Refinance Learn More Annual Percentage Rate (APR) Apply online for personalized rates Types of loans Rate-and-term refinance (for conventional, FHA and VA refinances), VA Interest Rate Reduction Loan (IRRRL), cash-out refinance, home equity line of credit (HELOC) Fi...
You can switch from a 15-year mortgage to a 30-year mortgage when you refinance, although at a higher long-term cost of accruing interest. For short-term costs, monthly payments on a 30-year loan are lower than on a 15-year loan for the same principal amount when they have similar in...