{"id":39288,"date":"2024-04-25T14:39:46","date_gmt":"2024-04-25T14:39:46","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39288"},"modified":"2024-08-07T10:44:15","modified_gmt":"2024-08-07T06:44:15","slug":"refinance-to-15-year-mortgage","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-to-15-year-mortgage\/","title":{"rendered":"Should You Refinance to a 15-Year Mortgage? "},"content":{"rendered":" <p class=\"wp-block-paragraph\">Are you looking to switch to a <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/15-year\/\">15-year mortgage<\/a>? It could be a strategic move if you want to pay off your home loan faster and save a bundle on interest. But before you apply, there are several factors to consider to ensure it makes sense for your financial situation. <\/p> <p class=\"wp-block-paragraph\">Here\u2019s what to know about 15-year mortgage refinances, along with the most significant benefits, drawbacks and mistakes to avoid if you decide to move forward. <\/p> <h2 class=\"wp-block-heading\" id=\"h-what-is-mortgage-refinancing\"><strong>What Is Mortgage Refinancing?<\/strong><\/h2> <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/should-you-refinance\/\">Mortgage refinancing<\/a> entails replacing your current home loan with a new home loan, typically with terms that vary from what you currently have. Homeowners commonly refinance to get a lower interest rate, a different type of loan, or to change their loan term.<\/p> <h2 class=\"wp-block-heading\" id=\"h-understanding-15-year-mortgages\"><strong>Understanding 15-Year Mortgages<\/strong><\/h2> <p class=\"wp-block-paragraph\">It is a type of loan you can use to purchase a home, and it comes with a 15-year term in which the funds you borrow must be repaid. These mortgage products typically feature lower interest rates than their 30-year counterparts, but you can expect a higher monthly payment since the repayment term is more brief. Still, 15-year mortgages are worth considering, as you\u2019ll likely pay far less in interest over the loan term. More on this shortly. <\/p> <h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-refinancing-to-a-15-year-mortgage\"><strong>The Benefits of Refinancing to a 15-Year Mortgage<\/strong><\/h2> <p class=\"wp-block-paragraph\">Refinancing to a 15-year mortgage comes with its share of perks that make this move worth considering. <\/p> <h3 class=\"wp-block-heading\" id=\"h-financial-savings-from-lower-overall-interest\"><strong>Financial Savings from Lower Overall Interest<\/strong><\/h3> <p class=\"wp-block-paragraph\">As previously mentioned, refinancing to a 15-year mortgage could mean a lower interest rate. Although you\u2019ll generally pay more each month, you could also save thousands of dollars in interest over the life of the loan. <\/p> <h3 class=\"wp-block-heading\" id=\"h-faster-equity-building-on-your-property\"><strong>Faster Equity Building on Your Property<\/strong><\/h3> <p class=\"wp-block-paragraph\">A higher monthly mortgage payment means the principal balance decreases faster. In turn, you can build equity in your home at an accelerated rate, which can be beneficial if you want to sell your home soon or access home equity products. <\/p> <h3 class=\"wp-block-heading\" id=\"h-shorter-time-to-mortgage-completion\"><strong>Shorter Time to Mortgage Completion<\/strong><\/h3> <p class=\"wp-block-paragraph\">Choosing a 15-year mortgage means you\u2019ll also pay your home off sooner. Doing so could mean financial freedom sooner rather than later. And you could free up cash to focus on other financial goals. <\/p> <h2 class=\"wp-block-heading\" id=\"h-are-there-any-downsides\"><strong>Are There Any Downsides?<\/strong><\/h2> <p class=\"wp-block-paragraph\">The higher monthly mortgage payment is a major deterrent for some homeowners. You risk stretching your budget thin if there\u2019s limited disposable income, especially if unexpected expenses arise. And it\u2019s impossible to avoid since you\u2019re choosing to cut your loan term in half, assuming you started with a 30-year mortgage. <\/p> <p class=\"wp-block-paragraph\">Closing costs must also be considered <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/when-refinance-mortgage\/\">when you choose to refinance<\/a> to a 15-year mortgage. They typically range from 2 to 6% of your total loan amount and include loan origination fees, appraisal fees and several others. <\/p> <p class=\"wp-block-paragraph\">You have the option to roll these costs into your mortgage (with most lenders) or to pay them upfront. If you choose the latter, it could place a dent in your wallet. But if you choose to roll them into your loan, you\u2019ll pay more in interest over time. And if you plan to relocate soon, you may find that you won\u2019t break even on these added costs. <\/p> <h2 class=\"wp-block-heading\" id=\"h-who-can-refinance-to-a-15-year-mortgage-and-what-are-the-qualifications\"><strong>Who Can Refinance to a 15-Year Mortgage and What Are the Qualifications?<\/strong><\/h2> <p class=\"wp-block-paragraph\">You\u2019ll need to meet some general guidelines, as outlined below, to qualify for a 15-year <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/refinance-second-mortgage\/\">mortgage refinance<\/a>. But keep in mind that each lender has unique requirements, so it\u2019s worth inquiring before moving forward. Here\u2019s what you need to know: <\/p> <ul class=\"wp-block-list\"> <li><strong>Credit score: <\/strong>Your credit score is a reflection of how you\u2019ve managed your debt obligations over time. It\u2019s also a key factor lenders consider when deciding if you\u2019re a good fit for a new mortgage loan. A score of 680 or higher is preferred to secure the most competitive rate. <\/li> <li><strong>Income: <\/strong>A consistent source of income and stable employment gives the lender reassurance that you have the means to make your monthly mortgage payments on time. You\u2019ll need to provide proof of income and details about your work history to get approved. <\/li> <li><strong>Equity: <\/strong>Lenders also prefer borrowers with at least 20% in home equity. If you haven\u2019t quite reached this point, it could be relatively challenging to get approved for a 15-year mortgage refinance. <\/li> <li><strong>Debt-to-income (DTI) ratio: <\/strong>Your DTI is the percentage of monthly income that\u2019s used to cover monthly debt obligations. Aim for a DTI ratio below 36% &#8211; some lenders may accept higher ratios, but you may not qualify for the best rates. <\/li> <\/ul> <p class=\"wp-block-paragraph\">Your current mortgage status also matters to lenders, and it is heavily considered during the application review process. So, it\u2019s vital to have a history of timely monthly mortgage payments. <\/p> <h2 class=\"wp-block-heading\" id=\"h-factors-to-consider-before-refinancing-to-a-15-year-mortgage\"><strong>Factors to Consider Before Refinancing to a 15-Year Mortgage<\/strong><\/h2> <p class=\"wp-block-paragraph\">Are you sold on the idea of switching to a 15-year mortgage? Before formally applying with a lender, consider the borrowing costs and how the new monthly mortgage payments will impact your budget and financial goals. <\/p> <h3 class=\"wp-block-heading\" id=\"h-refinancing-costs\"><strong>Refinancing Costs<\/strong><\/h3> <p class=\"wp-block-paragraph\">As mentioned, these span 2 to 6% of the loan amount and often include application fees, origination fees and appraisal fees. Conduct a cost-benefit analysis to determine if the interest savings over time make refinancing worthwhile. <\/p> <h3 class=\"wp-block-heading\" id=\"h-monthly-budget\"><strong>Monthly Budget<\/strong><\/h3> <p class=\"wp-block-paragraph\">Again, refinancing to a 15-year mortgage usually means higher monthly mortgage payments despite potentially lower interest rates. Assess your household spending plan to determine if you can comfortably afford the increase without stretching your budget thin or draining your emergency fund.<\/p> <h3 class=\"wp-block-heading\" id=\"h-impact-on-financial-goals\"><strong>Impact on Financial Goals<\/strong><\/h3> <p class=\"wp-block-paragraph\">Opting for a shorter mortgage term might lead to significant interest savings and help you build equity faster &#8211; both could be quite beneficial over time. However, this could also mean delaying the achievement of other pressing financial goals, such as building your nest egg or saving for college. <\/p> <h2 class=\"wp-block-heading\" id=\"h-how-to-refinance-to-15-year-mortgage\"><strong>How to Refinance to 15-Year Mortgage<\/strong><\/h2> <p class=\"wp-block-paragraph\">Are you ready to get started? Follow these steps to navigate the process with ease.<\/p> <h3 class=\"wp-block-heading\" id=\"h-check-your-current-mortgage-terms\"><strong>Check Your Current Mortgage Terms<\/strong><\/h3> <p class=\"wp-block-paragraph\">Take a look at your current mortgage documents. Jot down the current interest rate and outstanding loan balance, and don\u2019t forget to confirm that your current lender doesn\u2019t assess prepayment penalties. If so, you may want to hold off on <a href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/second-mortgage-vs-refinance\/\">refinancing<\/a> unless you\u2019ve already run the numbers and it makes financial sense. <\/p> <h3 class=\"wp-block-heading\" id=\"h-research-market-interest-rates\"><strong>Research Market Interest Rates<\/strong><\/h3> <p class=\"wp-block-paragraph\">Interest rates fluctuate, and securing a lower rate can lead to considerable cost savings. Do your homework to find out if current market interest rates are favorable compared to what you\u2019re currently paying. Doing so will also help you compute the potential savings associated with a 15-year mortgage refinance and determine if it makes financial sense. <\/p> <h3 class=\"wp-block-heading\" id=\"h-connect-with-a-potential-lender\"><strong>Connect with a Potential Lender<\/strong><\/h3> <p class=\"wp-block-paragraph\">Contact multiple lenders to get prequalified and compare rate quotes. Be sure the lenders are licensed to operate in your state and have a track record of success. <\/p> <h2 class=\"wp-block-heading\" id=\"h-common-mistakes-to-avoid-when-refinancing-to-a-15-year-mortgage\"><strong>Common Mistakes to Avoid When Refinancing to a 15-Year Mortgage<\/strong><\/h2> <p class=\"wp-block-paragraph\">Unfortunately, refinancing to a 15-year mortgage could be riddled with pitfalls if you aren\u2019t strategic with your approach. <\/p> <h3 class=\"wp-block-heading\" id=\"h-ignoring-your-credit-score\"><strong>Ignoring Your Credit Score<\/strong><\/h3> <p class=\"wp-block-paragraph\">As previously mentioned, your credit score plays a pivotal role in the rates you\u2019re offered. A lower generally means higher rates if you are approved for a new loan. So, it\u2019s worth improving your score before applying. <\/p> <h3 class=\"wp-block-heading\" id=\"h-not-shopping-around-for-the-best-rate\"><strong>Not Shopping Around for the Best Rate<\/strong><\/h3> <p class=\"wp-block-paragraph\">Don\u2019t accept an offer from the first lender that catches your attention. Instead, get quotes from multiple lenders to find the best rate. Remember, even a small difference in rates can lead to considerable cost savings over the life of the loan.<\/p> <h3 class=\"wp-block-heading\" id=\"h-skipping-over-fine-print-in-the-contract\"><strong>Skipping Over Fine Print in the Contract<\/strong><\/h3> <p class=\"wp-block-paragraph\">Carefully review the loan agreement and ask the lender any questions you may have to avoid surprises later on down the line. Pay special attention to closing costs, prepayment penalties and any additional fees listed in the contract. <\/p> <h2 class=\"wp-block-heading\" id=\"h-conclusion-should-you-refinance-to-15-year-mortgage\"><strong>Conclusion: Should You Refinance to 15-Year Mortgage?<\/strong><\/h2> <p class=\"wp-block-paragraph\">Refinancing to a 15-year mortgage can save you money on interest over time since these loans often have lower rates than 30-year mortgages. However, it\u2019s important to remember that your monthly payments will be higher because you\u2019re paying off the loan faster. Make sure you can afford these payments without sacrificing other financial priorities. And don\u2019t forget about closing costs that you\u2019ll pay when you switch loans. <\/p> <p class=\"wp-block-paragraph\">If you\u2019re planning to stay put for some time, the costs associated with refinancing to a 15-year mortgage could be far lower than the benefits. Otherwise, holding off may be the smarter financial move. <\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs-about-refinance-to-a-15-year-mortgage\"><strong>FAQs About Refinance to a 15-Year Mortgage<\/strong><\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1715697657405\"><strong class=\"schema-faq-question\"><strong><strong>Is It Worth Refinancing to a 15-Year Mortgage?<\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">Refinancing to a 15-year mortgage can be beneficial if you\u2019re seeking to build equity faster and save on interest. However, this comes with higher monthly payments, so it\u2019s important to ensure your monthly household budget can handle the increase.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715697672099\"><strong class=\"schema-faq-question\"><strong><strong>Can I Change My Mortgage to a 15-Year?<\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, you can switch to a 15-year mortgage by refinancing your current loan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715697686160\"><strong class=\"schema-faq-question\">How Do You Turn a 30-Year Mortgage into a 15-Year Mortgage?<\/strong> <p class=\"schema-faq-answer\">To convert a 30-year mortgage into a 15-year mortgage, you\u2019d refinance your current loan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715697696374\"><strong class=\"schema-faq-question\"><strong><strong>Is It Harder to Qualify for a 15-Year Mortgage?<\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">It could be tougher to qualify for a 15-year mortgage since the monthly mortgage payments are higher.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>Discover the advantages of a 15-year mortgage and determine if refinancing is the right decision for your financial goals.<\/p> ","protected":false},"author":7,"featured_media":39442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[244],"tags":[],"class_list":["post-39288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-refinance"],"acf":{"zone_id":"314625","sponsored":false,"external_author":1943,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/04\/refinance-to-15-year-mortgage.png","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should You Refinance to a 15-Year Mortgage? | Miami Herald<\/title>\n<meta name=\"description\" content=\"Discover the advantages of a 15-year mortgage and determine if refinancing is the right decision for your financial goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-to-15-year-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should You Refinance to a 15-Year Mortgage?\u00a0\" \/>\n<meta property=\"og:description\" content=\"Discover the advantages of a 15-year mortgage and determine if refinancing is the right decision for your financial goals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.miamiherald.com\/banks\/mortgage-refinance\/refinance-to-15-year-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Miami Herald - Personal Finance\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-25T14:39:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-07T06:44:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/04\/refinance-to-15-year-mortgage.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2100\" \/>\n\t<meta property=\"og:image:height\" content=\"1400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage-refinance\\\/refinance-to-15-year-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage-refinance\\\/refinance-to-15-year-mortgage\\\/\"},\"author\":{\"@type\":\"Person\",\"image\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Allison-Martin.png\",\"name\":\"Allison Martin\",\"jobTitle\":\"Writer\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/allison-martin\\\/\",\"description\":\"&lt;p&gt;Allison Martin is a personal finance enthusiast and a passionate entrepreneur. 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