Posts Tagged ‘home mortgage refinancing’

065. Refinancing to a 15-year Loan is Taking Trend

Thursday, October 14th, 2010

Hello everybody and welcome to another episode of the Reside Daily Bite; I’m your host, David Doucette and today, I want to talk to you about a trend that was reported in the New York Times recently about Refinancing into Shorter Loans and their saying homeowners  are starting to do that and it is becoming more of a trend. And the Gold Standard has always been a 30-year fixed loan. What we’re seeing with refinancing is people are refinancing into a 15-year loan. So, what that means is less time to pay-off their home; it’s going to be higher monthly payments but a lot more of your monthly payment is actually going to go towards the principal on the loan rather than the interest.