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You need to analyze the pros and cons of a refinance. Assuming you would be able to lower your interest rate through a refinance, the cost of refinancing your loan may exceed the interest rate savings you would gain - especially if you only kept the home for a few years. The calculation is something you can ask your lender to assist you with.The benefits of the length of a mortgage loan differs with each individual. If your goal is to own your home free and clear going into retirement and you are financing the home you intend to live in through those years, than taking out a 10 -15 -20 year loan (15 and 30 year loans are the most common configurations) provides an outstanding opportunity to live debt free. With a shorter term loan, you are paying your principal loan off much more quickly. Another benefit is that Interest rates are also usually lower by 1/8 - 1/4 % on 10 or 15 year loans than they are on 30 year loans. The lower interest rates help to offset the higher monthly payment created by a short term loan payoff.Some individuals might prefer longer payoffs to allow for smaller monthly payments. High income earners may prefer to have the taxable benefits of the interest rate deduction for longer years than a short term loan provides.Again, your loan consultant should be the one to help you decide what's best for your personal needs and preferences. If they are not, you might choose to interview other loan consultants.
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For Sale: $130,000
For Sale: $195,000
For Sale: $120,000