Factors to consider for refinancing into a 15-year mortgage
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For most people, a 30-year mortgage is a good option. You can always make extra principal payments to pay down the loan faster, but the lower monthly payment is easier to handle if you face financial setbacks such as a job loss.
If you can swing the payments, you’d be building equity much faster and while paying less interest. You’ll still have home debt into your 70s, which isn’t ideal, but it’s certainly better than having a mortgage in your 80s.
The article is written by Liz Weston for LA Times. You can read the full article here.
Sheila Abai is a senior mortgage consultant. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at sheilaabai10@gmail.com or via telephone at (310) 666-6601.
