More refinancing homeowners choose shorter loan terms

If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment. Get a longer loan term – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.

Refinancing Homeowners Choose Shorter Loan Terms | Appraisal. – November 20, 2013 Refinancing Homeowners Choose Shorter Loan Terms. Thirty-seven percent of borrowers who refinanced Freddie Mac-backed loans in the third quarter moved into shorter loan terms, up 5 percent from the second quarter and the highest level since 1992, according to a report released Nov. 12 by the government-sponsored enterprise, HousingWire reported.

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Refinance | PHH Mortgage – A homeowner may choose to refinance to an adjustable rate mortgage if they plan on paying off the loan more quickly and are not as concerned with the possibility of future rate increases. Shortening the life of a loan often means spending less in interest payments and paying off the mortgage sooner.

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This home refinance calculator will help you decide whether to do nothing, make additional payments on your loan, or refinance into a lower rate or shorter loan term.. Some homeowners choose to.

Refinancing to a shorter term auto loan can lower the total amount of interest you’ll pay on the remaining payments of your auto loan. In general, the shorter the auto loan term is, the lower the interest rate will be for loans from the same lender.

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The Federal Reserve decided to leave short-term interest rates unchanged. how long you plan on staying in the home and how much you will pay on the loan over that time. It might make more sense to.

How Long Should Your Student Loan Term Be When You Refinance. – Most refinancing lenders offer student loan terms of five, seven, 10, 15 or 20 years. That’s a lot of terms to choose from, and it can be tough to know which one is right for you among so many options. But making the right selection is important, since your student loan term has a big impact on how much you pay each month, and the total cost.

5 Signs It’s Time To Refinance Your Mortgage – At that point, it makes sense to either refinance into a fixed-rate mortgage, which would offer more stability. you could also extend the terms of your loan. Since the amount that you owe on your.