Which Is More Important When Refinancing? Rate Or Term?
Are you ready to take advantage of the many ways you can benefit from refinancing your mortgage? Maybe you have heard about the huge impact lowering your interest rate can have on both your monthly payment and in the total amount you will have to repay on your mortgage. Maybe you have an adjustable rate mortgage and need to get into a fixed rate mortgage before your rate increase.
Whatever your reason for checking out refinancing options, there are a number of important factors that you need to take into consideration before making your final decision.
The word rate refers to the interest rate of a loan. The word term refers to the length of time you can carry the loan. The shorter the duration of the loan, depending on interest rate, the less interest you will have to pay. Of course, the shorter the duration of the loan, the higher the monthly payment will be.
For example, a person who takes out a 15 year loan with a 6 % interest rate will end up repaying a significantly smaller sum of money than someone who has takes has a 6% interest rate 30 year loan, assuming that the person does...
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