This week marks two firsts for me, my first day at Landmark and my first experience in blogging. I have never been one who is good with words, let alone making my words interesting for others to read, so here it goes.
Recently, my husband and I decided to refinance our 30-year mortgage into a 15-year mortgage. There are a lot of people that are hesitant about refinancing because of the new closing costs that might be applied. However, it is important to remember what a 15-year mortgage could do for you. These are just a couple of the reasons my husband and I decided a refinance was right for us.
We were able to lower our interest rate. Especially in today’s market the interest rates are lower than ever if you can qualify.
We will be able to pay our home off faster. Obviously, the loan is cut in half, but a 15-year loan allows the equity to build faster than on a 30-year mortgage.
We will be able to save thousands of dollars in interest over the life of the loan. Just by switching to a 15-year mortgage and lowering our interest rate my husband and I will save close to $100,000 in interest alone during the life of the loan.
So whether you have been thinking about refinancing or it has never crossed your mind, it is something to definitely consider