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Week of June 14th-When does refinancing into a 15-year mortgage make sense?

June 14, 2020

With the pandemic still prevalent and interest rates near all-time lows, now is a great time to think about a refinance. It may also be an opportune time to consider shortening your mortgage’s term in the process.

Many homeowners choose to refinance from a 30-year fixed-rate mortgage to a fresh 30-year equivalent. While this can lower your monthly payment, it can add extra years to the total amount of time you’ll be financing your home. That means you’ll pay more in total interest over the combined terms of your original loan and your refinanced loan than you might expect.  Learn more



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