Refinance your mortgage for a 15-Year loan term and pay off your mortgage quicker.
Build Equity in Your Home in Half the Time
Turn your current 30-Year mortgage into a 15-Year Mortgage to pay off your loan in half the time! While shorter loan terms often come with higher monthly payments, they can also offer borrowers lower interest rates. This can save you money overtime on interest payments.
Get In Touch with a Newfi Senior Loan Advisor Today!
Our team of dedicated Senior Loan Advisors are here to help you find the right mortgage solution for your situation. Get in touch to run the numbers and see what you may be able to save.
How Do You Pay Off Your Mortgage Early?
The easiest way to pay off your mortgage early is to refinance your home loan and get a shorter loan term. A loan term is the length of time it will take you to pay off your mortgage loan, and loan terms can vary depending on the lender you choose to work with and the mortgage option you qualify for. Many people are familiar with a 30-Year loan term, but there are also 15-year loan terms available to borrowers who are looking to pay off their mortgage and build the equity in their home faster.
How Does A Shorter Loan Term Help Me Build Equity?
To build equity in your home, you need to pay down your mortgage balance. Shorter loan terms mean you will pay more toward your loan balance each month, allowing you to build equity in your home faster.
Frequently Asked Questions
What are the Advantages of Paying Off My Mortgage Early with a 15-Year Mortgage?
- With a 15-Year Mortgage You Can:
- Pay Less Interest Over the Life of the Loan, Compared to a 30-Year Fixed Mortgage
- Access an Interest Rate that will Likely be Lower than a 30-Year Mortgage Rate
- Build Equity and Pay Off Your Home Loan Faster
What are the Disadvantages of Refinancing for a Shorter Loan Term?
When you refinance your mortgage for a shorter loan term, you will likely see your monthly mortgage payments increase. It’s important to make sure that refinancing for a shorter loan term works for your budget! To see what your mortgage payments may be, get in touch with a Newfi Senior Loan Advisor today!
What Would My New Monthly Payment be After Refinancing?
You can estimate your new payment using our 15- vs 30-Year Mortgage Calculator. However, your exact monthly mortgage payments will depend on the interest rate you qualify for, the loan term you select, and other factors. You can get in touch with a Newfi Senior Loan Advisor today to review your options by calling 888-316-3934 or clicking here.
Do I Have to Get an Appraisal to Refinance My Mortgage?
Yes, you will need to get an appraisal to refinance your mortgage for a new loan term
What are Current Refinance Rates?
Your exact Refinance rates depend on the interest rate you qualify for and the term you select. Contact us to review your options and calculate your payment.
What is the First Step in Refinancing My Mortgage?
Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!