30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

30 Years of
Mortgage Experience

NMLS# 3700

215-396-8101 or 877-214-9417

Sunday, August 20, 2017
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Mortgage Applications

 

 

 

Mortgage Applications

 

 

 

Build Home Equity Faster

Many borrowers use a refinance to shorten the term of the mortgage. Even at a lower rate, a shorter term means higher monthly payment. The benefit is you will build up equity faster and the total amount of interest paid will be less over the life of the loan.

If reducing your mortgage to a 15-year term and the higher payment is not in your budget, your best means of building equity is to refinance for less than 30 years. To do so, ask your mortgage professional to customize your new loan’s term to match the years left on your old loan. If you are five years into a 30-year mortgage, for example, ask for a 25-year loan.