Finance 15 Vs 30 Year

What many people aren’t aware of (unless you read the fine print of course) is that rates have dropped significantly. Most people who are still at a 4% rate or higher may actually benefit from a FMERR Refi Program.

Let’s dig a little deeper and compare the benefits of a 15 year vs 30 year rate.

1. You Can Get a Lower Interest Rate on a 15 Year

Banks, lenders and private institutions will always give you a lower rate on a 15-year note vs. 30 years. A 30 year may be a 4.2% rate while a 15 year may be 3.8% (scenario). What you should do is use our FMERR Refi tool and you can compare instantly/calculate the savings of your mortgage

2. You Should REFI When Rates Are Low

A big myth is refinancing starts your loan over – that is far from true. What you should know is refinancing does change the terms (usually for the better when rates are low). Only those who take cash-out may alter their balance, many people will refi to get a lower rate and lock in savings, in some scenarios taking cash-out for home improvements may not be a bad idea. Always calculate the costs against multiple lenders

3. Always Compare Rates – Banks Are Not Always the Lowest

Always compare rates, often times credit unions and other lenders/institutions may offer a better rate. We put together a free tool so you can take the guesswork out of comparing. The different between a 4.2% rate and a 3.7% rate may seem small but will actually make a significant difference over the course of the loan