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· Q: I’m eight years into my 30-year mortgage, but I want to pay it off faster.Am I better off refinancing to a 15- or 20-year loan, or just paying a bit extra toward principal each month on my existing loan? A: A key calculation is to figure out whether your savings in total interest payments will be greater than the costs of refinancing. While shorter-term loans generally have lower interest.
Thirty-year fixed-rate mortgages edged up to an average 3.65%, from 3.64% a week earlier, according to mortgage giant Freddie.
Now, ensconced in those retirement years and living in a mobile home in Long. Estates hopes to answer all questions and.
After soaring to seven-year highs in November, mortgage rates have been on a steady decline. It was 4.41 percent a week ago and 4.38 percent a year ago. The 15-year fixed-rate average fell to 3.81.
· Mortgage rates are still low and it’s a terrific time to refinance. But what if you don’t want to reset your loan to 30 years? Amortization is the payment schedule by which your loan balance.
Monthly payments on a 15-year fixed refinance at that rate will cost around $705 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year.