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Mortgage Refinancing Help
: Regional: North America: United States: Washington, DC: Business and Economy
: Financial Services (9)
 The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
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 Calculate the financial benefit of refinancing in one, two, or three years. Does the benefit compare with your plans for staying in your home?
When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.
Unless you are getting a lower interest rate, refinancing your home may cost you more money in the long run and may require you to pay higher monthly payments.
Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.
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