Sentences with phrase «shortened loan term»

Of borrowers who refinanced during the fourth quarter of 2013, 39 percent shortened their loan term, up 2 percent from the previous quarter and the highest since 1992.

The shortened loan term decreases the total interest costs substantially.

The prospect of low interest rates may be powerful incentive to refinance, but before you make a commitment to a shortened loan term, ask yourself the following questions:

Fifteen - year mortgages flip the script, lowering costs and shortening loan terms but tying up more cash and restricting investors» ability to buy stocks and other interest - paying vehicles.

Methodology Although refinancing a mortgage can help homeowners save money, shorten their loan term and consolidate debt, many don't do it.

With refinancing, you can shave one or more interest points off of your student loan, and shorten the loan term at the same time.

Now, owners of second homes are seeking a refinance to lower their rate, eliminate mortgage insurance, shorten their loan term, or get cash out.

Rounding up can shorten your loan term by two years or more, depending on your loan size and how many years remain in your term.

By shortening your loan term, however, you can potentially save thousands in interest payments as well as become mortgage - free faster.

Freddie Mac reports that nearly one - third of all refinancing homeowners with a 30 - year loan opted to shorten their loan term during the first quarter of 2013.

This is done for different purposes: for repaying the mortgage sooner, for lowering the monthly payments by extending the repayment period or by obtaining a lower rate, for saving money by shortening the loan term or reducing the interest rate, etc..

The main reason most homeowners opt to refinance is to take advantage of lower mortgage rates, but you may also be interested in refinancing to shorten your loan term to 20 or 15 years or to switch from an adjustable - rate mortgage to a fixed - rate loan.

Whether you want to shorten your loan term, lower your monthly payments or get a lower interest rate, a lender can evaluate your individual needs and work with you to find the best mortgage loan.

Depending on your circumstances, you may also be able to lower your monthly payments, shorten your loan term or borrow from a portion of your available home equity.

It may be possible to shorten the loan term, to pay it off more quickly, thus saving money on total interest across the loan term.

These loans are aimed at increasing the frequency of loan payments in order to shorten the loan term to save on interests.

If you have good credit, you should not be afraid to have the bank look at shortening your loan term.

Any overpayments that you make will not be applied to the next month, but instead, will be applied to the principal of the loan and shorten the loan term.

By making automatic bi-weekly payments, you shorten the loan term dramatically, saving you a lot of money.

Have a reason to refinance (e.g. to get a better rate, shorten your loan term or switch to a fixed - rate mortgage)

Or they may be looking to shorten their loan term to pay it off faster.

You would shorten your loan term by five years and gain home equity faster.

In certain products, lenders may allow you to shorten the loan term by making over-payments and lump - sum payments.

However, if you are earning more now than you were when you purchased the vehicle, you could shorten your loan term and pay less total interest.

You can also get a lower rate by shortening the loan term.

In practice, these companies assured borrowers that they would help them shorten loan terms and reduce monthly payments through loan forgiveness or income - driven repayment programs.

The biweekly mortgage shortens the loan term to 18 to 19 years by requiring a payment for half the monthly amount every two weeks.

Can you shorten the loan term?

There is the standard rate and term refinance, which allows a borrower to obtain a lower mortgage rate and / or shorten their loan term, while keeping their existing loan balance intact.

For homeowners switching from an ARM to a fixed - rate loan; or shortening their loan terms from, say, 30 years to 15 years, the VA will allow a mortgage rate increase and / or an increase in monthly payment.

Alternatively, borrowers who are comfortable with their current payment amount — or could afford to contribute a little more each month — may want to consider shortening their loan term, as shorter loan terms may generate lower interest rates, thereby resulting in greater interest savings over the life of the loan.

If your current mortgage is a 30 - year loan, you could shorten your loan term with the goal of building equity faster or paying off your home more quickly.

Some homeowners refinance to «cash out» and take advantage of the equity they have earned, while others may choose to refinance to shorten their loan term and build equity more quickly.

We have a great selection of programs to help lower your rate, shorten your loan term, and get the cash you're searching for.

A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments.

With mortgage interest rates at their lowest levels in decades, many homeowners will be able to reduce their interest rate and monthly payments, pay off their loans faster by shortening loan terms and be back in the market to buy — whether it's to move up or invest.

An increasing share of refinancing borrowers chose to shorten their loan terms during the fourth quarter.

Freddie Mac recently released the results of its fourth quarter 2013 quarterly refinance analysis, showing that borrowers are continuing to take advantage of near record low mortgage rates to lower their monthly payments, shorten their loan terms and overwhelmingly choosing the safety of long - term fixed - rate mortgages as they closed out 2013.

«With mortgage rates still near their historic lows, 37 percent of refinancing borrowers chose to shorten their loan term,» says Frank Nothaft, Freddie Mac vice president and chief economist.

Freddie Mac recently released the results of its third quarter 2013 quarterly refinance analysis, showing that borrowers are continuing to take advantage of near record low mortgage rates to lower their monthly payments, shorten their loan terms and overwhelmingly choosing the safety of long - term fixed - rate mortgages.

Not exact matches

If you refinance your 30 - year fixed - rate mortgage to a 15 - year fixed - rate mortgage, you'll shorten your mortgage loan term and likely reduce your mortgage interest rate.

This type of loan might make sense for you if you can get a better interest rate than that of your current mortgage, you plan to shorten the term of your loan instead of refinancing for 30 years, and you plan to keep your mortgage for at least several more years.

If you can handle the monthly payments, you could shorten your repayment term and pay your loan off faster.

Recent graduates who used this strategy refinanced into loans that shortened their repayment term by an average of 3 years, 11 months.

If mortgage rates have risen above your current interest rate, you may not want to spend the time and money on refinancing unless you specifically want to shorten your mortgage term or switch from one loan type to another.

You can also shorten the original loan term and build home equity much quicker.

Determine why you want to refinance — you want to lower your monthly payments or shorten the term of your loan — and then estimate your new monthly payments and closing costs for the refinance.

People refinance their home loans for a variety of reasons including securing a lower interest rate, changing from an adjustable - rate to a fixed - rate mortgage, shortening or lengthening the term of the loan, debt consolidation, home renovations, and to seek better terms.

In addition, by shortening your term in this way, you would be free of all mortgage payments in 15 years, and that means you could invest all the money you would otherwise be paying out on your home loan in ways that could seriously improve your retirement.

If you can handle the monthly payments, you could shorten your repayment term and pay your loan off faster.