Are you thinking it is time for a change? When it comes to a 15-year fixed mortgage rate refinance, options are available from a variety of lenders. Should you consider refinancing now or would it be better if you stayed with the same loan that you have and just continued to work to pay it off over time? For many homeowners, there are key benefits to refinancing. If you are looking for an opportunity to save money on your mortgage, there are a few things to keep in mind.
Choose a Lower Term and Rate
One of the key reasons to check out a 15-year fixed mortgage rates refinance loan offer is that it should help you to secure a lower interest rate. A 15-year loan will have a lower interest rate than a 30-year loan. And, as a fixed rate, it will likely be lower than an adjustable rate loan.
However, take a look at the amount of savings it offers. If the interest rate does not drop by at least one percent or more from your current rate, it may not be as beneficial to refinance. That is because these loans also have closing costs, which can typically increase the cost of the loan.
As you consider your options for a 15-year fixed mortgage rate, refinance tools are available to help you determine what this loan offer can do for you. Compare them carefully. Look at how much your monthly payment will be. How much will you pay overall to buy the home, including all of the interest paid out? Use this information to help find the best loan available to meet your goals both long term and short term. Then, buy with confidence.
For those who need a 15-year fixed mortgage rates refinance, Guaranteed Rate has exactly the right type of loan necessary.
