Do You benefit from Refinancing down to a 15-year Mortgage in Royal Oak? You may be wondering if it’s worth it to refinance your mortgage from 30 years down to 15. In a word, YES. There are several benefits to doing so and most are based on money and time. These benefits include: • Lower interest rates – although it may depend on a number of factors, banks and lenders typically offer lower interest rates on 15-year mortgages. • Pay down interest quicker – the larger payments on a 15-year mortgage will enable you to pay down your interest faster. This will help to chip away at the principal quicker as well. • Saving money – when refinancing to a 15-year mortgage, you’ll save a lot of money over the term of your home loan due to getting a lower interest rate and a shorter term while you’re paying interest. • Most importantly, you’ll get out of debt much faster – basically, with a 15-year mortgage, you’ll be paying off your home in half the time as you would with a 30-year mortgage. As a result, you’ll be out of debt considerably faster – as far as your mortgage is concerned. To learn more about refinancing to a 15-year mortgage, you should talk with a reputable mortgage lender. https://maps.google.com/maps?cid=12393257419259215781