Phoenix Refinancing from a 30-Year to a 15-Year Mortgage If you want to get rid of your mortgage debt and lower your interest rate, refinancing from a 30-year mortgage to a 15-year note may be your best option. By answering the following 3 questions ahead of time, you’ll be able to determine if this is right for you. • Are the payments more affordable? Decreasing the term of your home loan will increase your monthly payments. So you need to determine the impact this will have on your current budget. • Does the lower interest rate make the higher payments worth it? A 15-year refinancing loan typically affords you a better interest rate. However, you’ll need to determine whether it’s justified with higher monthly payments. • Will this disqualify me from my annual income tax break? With a 30-year loan, the IRS allows homeowners to deduct the interest they’ve paid on their primary (and secondary) mortgages. Conversely, the deduction loses some of its value because you’ll have less interest to deduct with a 15-year refinancing loan. Getting rid of a mortgage is easier to do if you refinance it to a 15-year loan. Just be sure to weigh out the advantages and disadvantages beforehand. Desert Springs Mortgage, LLC 2415 E Camelback Rd Suite 700 - Office 772 Phoenix, AZ 85016 (623) 432-1309 Hours: Monday-Friday 8:30am-5pm https://www.google.com/maps?cid=6744959272592205627 https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=8006060628463853310