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Should I Refinance To Shorten The Term Of My Loan?


The Spire

The ability to live debt-free is a frequently shared goal of many people. Paying off credit cards may only take a few months and car payments end after a few years, but as a mortgage is the biggest debt most people carry, the idea of paying a mortgage in full can seem like a daunting task.

Refinancing your fixed mortgage rate may be a viable solution to owning your home free and clear faster than you originally planned. With 30-year fixed mortgage rates today, you are making 360 payments with a large portion of the monthly amount being applied to interest rather than principal, specifically near the beginning of your payment schedule. Even with a relatively low-interest rate, this method adds considerable expense to the overall cost of buying your home. Refinancing to a shorter-term fixed mortgage rate loan not only reduces that overall cost but also gets you to the finish line of paying a mortgage faster.

15 year fixed mortgage rates are a popular option for homeowners. The monthly payments are generally higher, but the shorter length makes the loan more cost-effective in the long run and generally offers a lower interest rate. Over the full life of a loan, a 30-year mortgage can end up costing more than double a 15-year option.

Our team can help decide if a shorter-term mortgage is right for you!

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.