5 year mortgage refinance

5 year mortgage refinance

For example, let’s say that you obtained a $200,000 30-year fixed-rate mortgage eight years ago with a 4.5% interest rate. Your monthly payment (P+I) would be $1,013 and you would still owe about $169.

Check out the mortgage rates charts below to find 30-year and 15-year mortgage rates for each of the different mortgage loans U.S. Bank offers. If you decide to purchase mortgage discount points at closing, your interest rate may be lower than the rates shown here.

Typically the best time to get a 5 year refinance is when an old loan is nearing the end of its life refinancing to a shorter term is a great option. For example, someone who took out a 30 year mortgage for $150,000 23 years ago is probably paying about 9 percent interest with a monthly payment of $1,207.

The 30-year fixed-rate loan is the most common term in the United States, but as the economy has went through more frequent booms & busts this century it can make sense to purchase a smaller home with a 15-year mortgage. If a home buyer opts for a 30-year loan, most of their early payments will go toward interest on the loan.

interest rates on fha loan Current FHA Home Loan Rates ~ FHA Mortgage Rates – FHA Mortgage rates fha mortgage rates Remain Near Historic Lows . Nearly four out of 10 buyers who purchased a home in November of 2009 did so with the help of a mortgage loan insured by the federal housing administration, or FHA.

Best Mortgage Rates 5 Year Fixed – If you need to low your monthly payments it’s time to think of mortgages refinancing options. Visit our site and try our refinancing calculator.

If you’ve been making payments for five years, your loan balance is $141,200. If you can qualify for a 15-year mortgage at 4.5%, the monthly payment on your new loan would be $1,080. If you can increase your monthly payment on the refinanced mortgage by $83, you can shave 10 years off the original loan term.

conforming, 15- and 30-year fixed-rate mortgages in the united states. information on points can be found at the freddie mac website. source: freddie Mac

5 Year Fixed Rate Mortgage Rates – We are most popular loan refinancing company. We can help you to save your money and time when refinancing your mortgage or buying a home.

Use our free fixed-rate mortgage calculator to estimate how much your monthly mortgage payments will be with a fixed interest rate mortgage. To calculate your fixed-rate mortgage, add the cost of your home in the field and select calculate my payment.

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