As has been much documented, the past year has seen overall mortgage rates reach new all time lows. We are now at levels where the traditional 30 year fixed loans have gone below 4% with 15 and 10 year fixed loans now at or below 3%. This has meant increased afforability for new homeowners and also for existing homeowners looking to refinance.
In turn, more and more homeowners are starting to consider and taking 15 year and 10 year fixed mortgages, as opposed to the more common 30 year fixed mortgages. This is now a means to an end to pay off their homes sooner and less expensively. While 30 year fixed loans are at all time lows, shorter term mortgages are also at all time lows and cheaper than they have ever been. Borrowers who can afford the monthly payment of 15 or 10 year fixed mortgage now have a clearer path to eventually paying off their mortgage.
For many homeowners, they see now as the time to take the shorter mortgage and stick with it for the lifetime of the loan, as current interest rate levels may soon be gone for good. For those homeowners who can afford the higher payment that a 15 or 10 year fixed loan provides as opposed to a 30 year fixed home loan, now may be the time to consider to refinance one last time and commit to pay off the mortgage.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: firstname.lastname@example.org or online at www.strategicmtgaz.com