Refinancing Into a 15-Year Mortgage (GUIDE)
➡ Today's 15-Year Refinance Rates - https://www.bankrate.com/mortgages/15...
We discuss the pro's and con's of refinancing into a 15 year home loan. For many people refinancing their mortgage makes a lot of sense. You can potentially save a lot of money, but it's not always a no-brainer move and there's a lot that you need to consider before doing that. For instance, it largely only makes sense to refinance if you're going to save at 1% on your mortgage interest rate because there are closing costs involved. Not only that, but you have to take into account how long you have had your current mortgage. For some people, rather than refinance their current mortgage, it makes more sense to just make additional payments on their current home loan. You should be able to just pay 1/2 your mortgage every 2 weeks, which effectively gives you an extra mortgage payment every year.
▬ HELPFUL RESOURCES ▬
Refinancing into a 15-year mortgage:
https://www.bankrate.com/mortgages/15...
Mortgage refinancing calculator:
https://www.bankrate.com/calculators/...
Understanding current interest rates:
https://www.bankrate.com/mortgages/cu...
Amortization schedule calculator:
https://www.bankrate.com/calculators/...
When to pay off mortgage early:
https://www.bankrate.com/mortgages/ea...
All mortgage lender reviews:
https://www.bankrate.com/mortgages/re...
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▬ TIME STAMPS ▬
0:00 - Video Overview
0:45 - 30YR vs 15YR Mortgage
1:48 - Downsides of Refinancing
4:00 - What To Consider Before Refinancing
6:47 - Closing Advice
▬ CREDITS ▬
Much of the stock footage shown in this video was provided by Storyblocks and Getty Images.