when does it make sense to refinance to a 15 year mortgage

Does It Make Sense to Get a 30-Year Mortgage at Age 66?. And that’s why I have not applied for 30-year fixed refinancing for the roughly $300,000 remaining on our mortgage.. that we’ll.

Jason Lerner, vice president and area development manager with the Ellicot City, Maryland-based branch of George Mason Mortgage, said that it can also make sense for homeowners to refinance a 30-year mortgage to one with a shorter term, such as 15 or 10 years. This holds true even if interest rates are rising.

Refinancing can be a great way to save money and help you more quickly get rid of a mortgage. And with interest rates near historical lows, you may be wondering whether a new loan makes sense for you. Perhaps, but keep in mind that not all refinance offers are worth the trouble – or the expense. Before making a decision, take a look at the following six do’s and don’ts.

Signing on to a mortgage with a good interest rate means you‘ll save money every month, and over the entire life of the loan. Here’s what to do to make sure you’re getting. the option to pick.

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However, if you are deep into your mortgage, trading a lower interest rate for a much longer term may not save you much at all. In fact, it could cost you more. If you are 10 years or more into a 30-year loan, consider refinancing to a shorter-term loan, say, 20, 15 or 10 years.

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How to Determine If You Should Refinance Your Mortgage. You, however, committed to a fixed-rate mortgage several years ago, so you're paying 6 percent .

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Take note that refinancing usually makes more sense earlier into your mortgage term. Once you refinance, it’s like you’re starting over. Say you’ve been paying off your old mortgage for 10 years, and you have 20 years left to go. If you refinance then into a new 30-year mortgage, you’re now starting at 30 years again.

What are some good reasons to refinance your mortgage?. the time they will make mortgage payments, such as a 20 or 15 year mortgage (which often. This makes sense for a lot of homeowners because it allows them to take advantage of.