when does it make sense to refinance to a 15 year mortgage

Refinancing student loan debt can make a great deal of sense. Banks can offer 5-, 10-, 15- and 20-year repayment options. Know what terms will work within your financial situation to repay your.

what is mortgage insurance on fha loan minimum down payment for mortgage The Mortgage Professor: How much can you afford to pay for a house? – These rules define the minimum documentable income and cash that borrowers must have, and the maximum debt payments they are allowed to have. In addition, when the purchaser’s down payment is less.For many homeowners with FHA loans, a mortgage insurance premium (MIP) is required for the life of the loan policy, which is up to 30 years. Again, MIP for an FHA loan is different than PMI on a conventional loan. Contact your lender if you have questions about the mortgage insurance premium on your FHA loan. 7.

Find out when refinancing makes the most sense and when it could be a bad move.. refinancing from 9% to 5.5% can cut the term in half to 15 years with only a.

At 14 years and nine months into the 30-year loan used as an example, you’d start to pay off more of your principal than interest every month. If you plan to move before the 15-year time frame of.

Consider that average interest rates on fixed-rate mortgages have ranged from less than 7 percent in the late 1990s to more than 15 percent in the early 1980s, and you can see that refinancing can result in significant savings for the homeowner. A general rule of thumb is to refinance when interest rates drop 2 percentage points or more.

Jason Lerner, vice president and area development manager with the Ellicot City, Maryland-based branch of George Mason Mortgage, said that it can also make sense for homeowners to refinance a 30-year mortgage to one with a shorter term, such as 15 or 10 years. This holds true even if interest rates are rising.

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However, if you’re halfway through the 30 years and paying above-market interest, you might opt instead to refinance to a 15-year mortgage. Just make sure the new rate will allow you to recoup closing costs quickly, say in a year or so.

A 15-year mortgage has some downsides compared with a 30-year. At Bankrate we strive to help you make smarter financial decisions.. If your goal is to pay down your mortgage faster, you can do that with a 30-year loan.

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When does it make sense to refinance? In general, if you can save money on your existing mortgage by refinancing, it could make sense to explore. Here are some situations when that might be the case. Use our calculator to see if refinancing is worth it Mortgage rates have gone down.

changes to fha loans 2016 changes to fha loans 2016 | Homeequityloanrequirements – – The changes outlined below are effective january 25, 2016. (Mortgage Letter 2016-01) FHA has reduced its mortgage insurance premiums as of January 25, 2016.Allowing for new FHA mortgage borrowers to take advantage of the 0.50 basis point reduction on annual mortgage premium rates.