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Should I Refinance into a 15-Year Fixed Rate Mortgage?
Should I Refinance into a 15-Year Fixed Rate Mortgage?
 
With the Federal Reserve tongue-tied and twisted and an easy trade war time-tripping into the future, we find ourselves the beneficiaries of another very appealing low interest rate environment here in the second half of 2019.  This stands to benefit many who have mortgages at higher rates and even some who may not fit that exact bill, but who are focused primarily on reducing the term of their loan and perhaps paying their entire balance off at a faster rate.  We are seeing a number of homeowners who are seeking to determine if they should abandon their 30-year amortized loans and refinance into a 15-year fixed.  What are the key concepts these individuals need to know before they make this leap?
 
For the vast majority, the mortgage payment will go up.  A while back I did the research on this and came up with my "10 and 2" rule.  Namely, if you are in a 30-year loan now and have been paying it down for 10 years, then you refinance into a 15-year fixed rate loan with at least a 2% rate reduction over your present loan, only then would you have a new payment ... more

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