The Benefits of Refinancing Into a 15-Year Loan

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Have you considered refinancing your home loan to a shorter term to save money?

When you switch to a shorter loan term, you’ll get a lower interest rate — often a full percentage point or more. And when you pay down your loan quicker, you are borrowing for a shorter amount of time, which means you’ll spend much less on interest over the life of your loan!

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Calculations do not include property tax, mortgage insurance, or home insurance. Total interest calculation is based on interest rate, not APR.

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A Mortgage300 loan expert can give you a custom calculation using your personal loan information so you can see the real benefits of a 15-year loan!  

So if you want to:

And you:

  • Anticipate higher income and/or less debt in the coming years

  • Plan to retire within 30 years

  • Look forward to a mortgage-free retirement​

Then why not cut years off your loan and save thousands of dollars in interest? Contact us today to see if a 15-year refinance is right for you.

*Annual percentage rate (APR) is based on 1% origination fee and $1,000 in other fees. For example only. Program rates, terms, and conditions are subject to change at any time and may vary based on borrower’s credit history. 

*The following is for example purposes only. Example loan scenario: If borrower with a 680 FICO score and 33% debt-to-income (DTI) ratio refinances to a 15-year fixed rate mortgage (loan amount $350,000) with an interest rate of 4.75% (APR 4.94%*), the repayment terms would include a monthly principal and interest payment of $2,722. Does not include applicable taxes and insurance. The actual obligation will be greater. No down payment is required for a refinance. All loans are subject to credit and property approval. Certain restrictions may apply.