Home Loan Mortgage

15 Year Refinance Mortgage Rates

My husband and I are refinancing our home. We can’t decide between a 10-year or 15-year mortgage. We can afford either loan term with a refinance. As of this writing, rates currently are 3.49 percent.

 · 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.

 · If you’ve been making payments for five years, your loan balance is $141,200. If you can qualify for a 15-year mortgage at 4.5%, the monthly payment on your new loan would be $1,080. If you can increase your monthly payment on the refinanced mortgage by $83, you can shave 10 years off the original loan term.

The interest rate: 15-year loans typically have lower interest rates than 30-year loans, so you’ll pay less interest right from the beginning. Lifetime interest costs: The longer you borrow, the more interest you’ll pay, and your loan balance-the amount you pay interest on-remains higher for longer.

About a quarter of refinancing applications in March were for 15-year fixed-rate loans, according to the Mortgage Bankers Association. "Even if rates went up 2 full points, buying would remain cheaper.

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Economic uncertainty drove mortgage rates down. to 1 percent of the loan amount – paid to a lender on top of the interest.

Refinancing from a 30-year mortgage into a 15-year mortgage is an excellent way to take advantage of today’s low interest rates. You pay more every month but cut your overall interest payments by tens.

The 15-year fixed rate mortgage is the second most popular mortgage option among American homeowners, after the 30-year fixed, according to the U.S. Bureau of Labor Statistics. With a 15-year FRM, your payment is stretched out over 15 years, making a monthly payment fit into your budget more easily than with a 10-year fixed loan.

Getting Approved For Fha Loan To get approved for an FHA loan, your front-end ratio (your monthly housing expenses divided by your monthly gross income) has to be below 31%, although, with special justification, you may be able to get approved for a front-end ratio of up to 47%. Your back-end ratio (debt to income ratio) has to be less than 43%.

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