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Recently the lending industry has seen a big boom in 15 year mortgages, which is helping people get out of debt faster, and reduce the interest they’re paying on their mortgages. Five years ago refinances were all about debt consolidation or simply lowering your payments, but with these rocky economic times, people are wising up about the stress of carrying too much debt. More and more people are now seeing today's lower interest rates as a chance to reduce the amount of time they are in debt, many times shaving off a decade or more from that ball and chain we call a mortgage, all while keeping their payment about the same.
The tangible impact of seeing the interest you pay over the life of the loan going way down can be enormous, but there’s also a very real psychological impact of obtaining a 15 year mortgage. For the first time, homeowners see a real light at the end of the tunnel, and start to get motivated to become debt free.
While 30 years can seem like forever, paying off your home in just 15 years seems like a much more manageable goal. This trend towards shorter payment terms has been reflected in recent mortgage figures as well, with 34% of mortgage refinancers now reducing their mortgage term to 15 or 20 years, Online mortgage brokers are also reporting a 30% increase in requests for 15-year mortgages as compared to this time last year.
Are you ready to get out of debt more quickly, and finally enjoy homeownership WITHOUT the nightmare of a monthly payment hanging around your neck? Then contact your lender today and ask about a 15 year fixed mortgage!
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