15 Year Fixed Mortgage Rate Refinance

by Tom
(Ft Myers, FL USA)

Ask Kate: 15 Year Fixed Mortgage Rate Refinance Here is a helpful experience from a fellow homeowner's mortgage refinance. After you read it, follow the link to our new site, www.Prime-Real-Estate-Articles.com for a couple more examples of paying off a house. Now for Tom's experience...

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Kate, We refinanced our home in a Chicago suburb a few years ago. We went from a 30 year fixed rate mortgage to a 15 year fixed to pay off our house quicker and save total interest costs.

Our mortgage broker was very helpful and found us a rate that kept our monthly payments close to what we were paying before. Of course he did that by getting us a lower interest rate.

I believe we went from over 5% to around 3.75% or so. I'm not sure if that would be possible today. We were able to make this change about 5 years ago.

I'd recommend this approach to anyone that can move from a 30 year to a 15 year fixed without a major change in their monthly expense. The overall savings in interest alone can be substantial. Having the peace of mind knowing that your home will be paid off in half the time is also a real plus.

It also makes sense to send in half your payment mid month and the other half at the end of the month. That can reduce your interest expense too.

By sending in half two weeks early your balance goes down quicker and your total interest expense is reduced. I also try to "round up" my payment, adding a few dollars with each payment that gets applied to the principal, working it down even quicker.

It's amazing how much total interest you pay on a 30 year mortgage, so anything you can do to pay it down faster can add up to sizable savings.

Kate Answers: Year Fixed Mortgage Rate Refinance

Hi Tom,

Thanks for sharing your refinance experience plus often overlooked tips contributing to paying off a house faster.

I hope you'll come back to my website Get-Your-Best-Mortgage-Rate.com again in the future. Of course, all of my information is free. You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

Visit our new site for these two related articles:
A Simple Plan To Pay off A House and How To Pay Off A Mortgage Fast

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