Best 15 Year Mortgage Rates Refinance

Best 15 Year Mortgage Rates Refinance

If you’re buying your first home, a second home, or you simply need to refinance your own home to free up some capital, it’s important to remember that this is a long term financial commitment that requires a lot of thought and planning. You’ll need to shop around to find the best 15 year mortgage rates. Refinance loans are a great way to free up capital, but only if you do it in a cost effective way.

If you’ve been running up a bit of credit card debt lately, you might find it difficult to get the best 15 year mortgage rates. Refinance loans are only cheap if you have a decent credit record, so consider taking out a small consolidation loan to sort out those credit cards, or seeking the help of a credit agency to sort out your credit rating before applying for any large loan.

A 15yr loan is often seen as one of the most accessible, because interest rates are moderate and so are repayments. You don’t pay as much interest over time as you would with a 20 year loan, but your repayments are much lower than the average 10 year mortgage refinance rate.

Why Should I Refinance?

Instead of taking out a second mortgage to buy a new property, you can simply reduce your equity in your own property and buy a second. At day one you might have reduced equity, and owe the bank more, but after a few years your equity in both properties will increase, and you might even be in a position to further refinance and buy a third property – this is the way that most real estate millionaires got their feet firmly in the market.