As a homeowner, you know the importance of saving money when it comes to paying your monthly bills. You may even spend some time finding ways to reduce your grocery budget or to lower your utility costs. However, as you do, consider how much you are paying in interest rates with every loan payment you make on your home. For many, refinancing could help you to save a significant amount of money over the lifetime of your loan.
What You Can Expect
When it comes to mortgage rates, 15-year fixed rates to refinance loans typically offer some nice advantages. Refinancing a loan that has more than 15 years left to pay on it will mean you will have a slightly higher monthly mortgage payment than what you may be paying now. However, the loan will have a significantly lower interest rate, and it will have less time for that rate to the compound. As a result, you will actually be saving money over the lifetime of your new loan – and you will pay it off sooner as well.
Keep in mind you still need to be able to afford it. Use a mortgage calculator or work with your lender to get a good idea of what you can expect from these loans. What will your monthly payment be? Can you afford to make that payment? Could an FHA refinance help you to save more?
The more information you have, the better. With mortgage rates, a 15-year fixed rate to refinance loans are available but they range in terms of overall features and what you will pay for them. Compare the options from several lenders until you find the offer that works for your needs. This can help you to save substantially in many cases.
When looking for mortgage rates 15 year fixed finance options look to Guaranteed Rate.
