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Refinancing a mortgage

Posted: 1:53 PM, Apr 13, 2018
Updated: 2018-12-18 17:45:36Z

If you find you have extra money in your monthly budget, consider shortening the term of your mortgage loan through a refinance.

A shorter loan length will often have a lower interest rate, meaning you’ll pay less money in overall interest.

However, a short loan length will have a higher monthly payment because you are paying the same amount over a shorter time period.

For example, a 15-year mortgage will have a lower interest rate than a 30-year mortgage but higher payments due each month in those 15 years.

Information provided by MSU Federal Credit Union .  

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