More refinancing homeowners choose shorter loan terms

Deborah Ames Naylor, executive vice president of Pentagon Federal Credit Union in Alexandria, Virginia, recommends starting online with a refinance calculator that estimates your monthly payments at various loan terms. "A shorter term loan will have a lower interest rate than a 30-year fixed-rate loan, but the payment will be higher because you.

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In other words, if you bought your house with a 30-year purchase loan, made payments for five years, and then did a rate/term refinance, you just bought yourself five more years of. meet parameters.

The majority of your home loan payments go towards interest rather than paying off your debt. As the years drag on, you wind up spending more on interest than you would have if you’d stuck with your original home loan. This is why many borrowers opt for higher payments and shorter mortgages when they refinance.

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Generally, the more you. pay attention to loans’ repayment options and terms. Choose the term length that your loans currently have – or a shorter one – to ensure you save money both monthly and.

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If you have a loan that’s too expensive or too risky to live with, you often can refinance into a better loan. Things may have changed since you borrowed money, and several ways may be available for you to improve your loan’s terms. Whether you’ve got a home loan, auto loans, or other debt, refinancing allows you to shift the debt to a better place.

Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.

Stop refinancing your mortgage for a better rate Choosing a mortgage is an integral part of the home buying process. Opting for a 15-year mortgage term instead of the traditional 30-year term seems like a smart move, right? Not necessarily. Going with a shorter mortgage term does have some interest-saving benefits. However, if your income is too.