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motorcycle refinance loan
Achieving Financial Freedom: Refinance To A 15 Year Mortgage
Interest rates are rising. News reports tell of increasing home sales and mortgage foreclosures. You're financially stable, but are keeping an eye on interest rates. A great way to save money on interest is to refinance to a 15 year mortgage. Of course, your payments will be higher, but in the long run, you will a considerable amount of money on interest. .
Loan Term Determines Interest Savings
If you've had your home for a few years, and want to refinance a 15 year fixed rate mortgage can give you peace of mind along wit significant savings. Your loan will be fully amortized, and the interest rate will not be subject to adjustment. Your principal and interest payment (P & I) will be consistent. Here's an example of how much you can save by converting from a 30 year mortgage to a 15 year mortgage.
Let's say you've got a 30 year mortgage at 6.00%. Your original mortgage amount was $300,000. You want to refinance for the original amount to pay off lingering credit card and consumer debt, and are considering a 15 year mortgage loan. Your payments on the 15 year loan will be $2531.57, a difference of $732.92. Sure, that is a much higher payment, but depending on the amount of debt you refinance, you will have some extra cash available to meet the payments. Before you decide that the payments are too high, consider that you will save approximately $209,293 in interest compared to a 30 year loan at the same rate!
Refinancing: Part of the Big Picture
Everyone has a unique financial situation, goals, and priorities. If you're considering a mortgage refinance, it's wise to consider your entire financial situation including debts, anticipated needs, savings for college and retirement, and your present and future income. Consult your financial advisor to develop a plan that meets your needs now and in the future. Refinancing to a 15 year mortgage can be part of your overall financial plan.
About the Author :
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno. Karen is a columnist for LoanPage.com
More Useful Resource and Updates on motorcycle refinance loan
- New federal program is supposed to help struggling mortgage borrowers (Lincoln Journal Star)
The Bush administration last week rolled out a program that aims to help thousands of struggling borrowers refinance into more affordable government-backed mortgages and thus provide some relief for the foreclosure crisis that has contributed to crippling the financial markets.
- Many pieces go flying from mortgage implosion (Dallas Morning News)
WASHINGTON ? Your taxpayer credit card is on the counter, all set to get the economy moving again. Caveat emptor ? let the buyer beware. The value of the mortgage-backed securities the federal government is set to buy is hard to decipher when the good, the bad and the scary are bundled together.
- Countrywide settlement to help 21,000 in Illinois keep homes (Chicago Tribune)
Illinois, 7 states reach $8.8 billion settlement with mortgage giant Countrywide to refinance homes Illinois, California and at least six other states have reached an $8.8 billion settlement of their lawsuits against Countrywide Financial, the biggest subprime mortgage lender, in a deal that should help some 21,000 Illinois residents keep their homes.
- Loan-modification program could help Countrywide customers avoid foreclosure (Fort Worth Star-Telegram)
Homeowners would be able to refinance to lower mortgage payments.
- How Countrywide-BofA mortgage settlement helps California homeowners (San Francisco Chronicle)
More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered, after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide...
- Countrywide borrowers bailed out (SouthtownStar)
A loan modification program that's part of an $8.7 billion national settlement about deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa Madigan said Monday.
- Countrywide to pay $10M for bad loans (Detroit News)
More than $9.8 million will be paid to assist Michigan homeowners who have lost their homes to foreclosure and nearly 10,000 residents will be able to refinance their mortgages at lower rates.
- Countrywide Settlement Could Help Mortgage Holders (Channel 8 San Diego)
City Attorney Michael Aguirre said today he intends file additional litigation against subprime mortgage lenders in an effort to halt further foreclosures in San Diego.
- Countrywide Agrees to $3.5B Mortgage Sttlement in California (KESQ Palm Springs)
Calabasas-based mortgage lender Countrywide has reached a settlement with 11 states designed to provide up to $8.68 billion in relief to borrowers, including $3.5 billion to Californians, Attorney General Jerry Brown announced Monday.
- Foreclosure hits home as Sacramento County woman loses her house (The Sacramento Bee)
Shelly Smith-McClure endured a modern-day economic nightmare on Monday, losing a 15-month bid to avoid foreclosure and forestall eviction on her Herald home and property. Shelly Smith-McClure, center, is comforted Monday by friends Janice Bachelor, left, and Lori Joerger, right, as Smith-McClure loses her battle to stay in her southern Sacramento County home. Since January 2007, more than ...
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