Refinancing 30 Year Fixed Rate Loan To 15 Year Fixed Mortgage Rate

This BLOG On Refinancing 30 Year Fixed Rate Loan To 15 Year Fixed Mortgage Rate Was UPDATED On November 9th, 2017

There are various of fixed mortgage rate programs available.

  • 30 year fixed mortgage rate programs is the most popular mortgage loan program
  • There are also 25 year fixed rate mortgage rate programs, 20 year fixed mortgage rate programs and the 15 year fixed rate program. 
  • The biggest advantage of Refinancing 30 Year Fixed Rate Loan To 15 Year Fixed Mortgage Rate is the amount of interest savings
  • Homeowners also have reduced mortgage interest rates on 15 year fixed mortgage rates versus 30 year
  • Homeowners can save and the large difference in mortgage rates that will benefit on the 15 year fixed mortgage rate program than from the 30 year fixed mortgage rate program.  
  • 30 year fixed rates are normally much higher than 15 year rates. 

Refinance To 15 Year Fixed Rate And Save Thousands

Mortgage rates have sky rocketed in recent months due to the good news in the economy and increase in the stock market.

  • 15 year fixed rates are normally lower than 30 year rates. 
  • These homeowners should definitely consider the idea or refinancing their 30 year fixed mortgage rate loans to a 15 year fixed  rate loan. 
  • For those homeowners who have closed on their 30 year fixed mortgage rate FHA loans should also consider refinancing to a 15 year fixed rate loan. 
  • We now have conventional loans up to 95% LTV with no mortgage insurance premium also called Lender Paid Mortgage Insurance
  • Refinancing a FHA mortgage loan into a conventional loan with no mortgage insurance will save the homeowner big time by eliminating the pricey monthly mortgage insurance premium.

Disadvantages Of 15 Year Fixed Rate Loans

The biggest disadvantages with having a 15 year fixed rate loan versus a 30 year fixed mortgage rate loan is that the payments will be higher.

  • Another disadvantage is that debt to income ratio needs to be lower in order to qualify for a 15 year fixed rate loan. 
  • In the event if you run into financial problems or difficulties, the bare minimum payment of mortgage payment on a 15 year fixed mortgage rate loan will definitely be higher than a 30 year fixed mortgage rate loan. 

However, if you can somehow sacrifice paying a little more every month towards your mortgage payments and sacrifice on your other spending, having a 15 year fixed rate loan can possibly save you tens of thousands of dollars over the life of the mortgage loan.

Gustan Cho NMLS ID # 873293

Related> 15 Year Fixed Rate Versus 30 Year Fixed Rate

Related> 30 Year Fixed Rate Mortgage

Related> Adjustable Rate Versus Fixed Rate Mortgages

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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