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Ask Shop Rate: Olivia - California

Posted by  on Apr 16, 2009
 
I currently have about $100,000 and 9 years left on my current 30-year fixed mortgage. If I were to refinance, do I have to refinance to a 30 year fixed mortgage or can I refinance to a 15 year fixed mortgage? You can refinance to either.

Generally, 15-year fixed mortgage rates are lower than 30-year fixed mortgage rates. Also, over the life of the loan you will pay less money in interest on a 15-year fixed mortgage rate. However, your monthly payments will be higher on a 15-year fixed mortgage than a 30-year fixed rate mortgage because the amount of the loan is spread out over a longer period of time.


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