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Get Low Refinance Rates From Just 2.12%.

Don’t Be Forced into Refinancing With a 30 Year Mortgage

The standard term-length for mortgage refinancing in the United States defaults to 30 years; however, you do have choices that can make or break the deal you’re getting. In countries other than the United States 30-year mortgages are in the minority. Here in the States, the majority of mortgage refinance loans from the top mortgage companies have 30-year term lengths. Here are several tips to consider before refinancing with that standard 30-year home loan.

Term Length Decides Refinance Rates & Payment Amount

If you’re considering taking advantage of today’s low refinance mortgage rates you can save yourself a lot of money by choosing a shorter term-length like 15 years. Recent changes to government programs like HARP 2.0 even encourage borrowers to refinance with a shorter term.

Choosing a 15 or 20-year term will get you lower refinance mortgage with lenders like Amerisave or Quicken Mortgage and possibly wind up with a lower payment than you were paying before. Your payment will be higher than what you’d get with a comparable 30-year home loan.

Remember that regardless of your term-length, the fees you pay for mortgage refinancing determine how good of a deal you’re getting. The more you pay at closing the less benefit you’re getting from lower refinance rates and a shorter term-length.

The reason fees are so important is that you have to recoup these out-of-pocket expenses before benefiting from your refi.

If you don’t break even on closing costs you’re losing money no matter how attractive the mortgage rate. You can learn more about getting today’s lowest refinance rates from the best mortgage companies without paying junk fees or unnecessary points by checking out my free Underground Mortgage Videos.

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