You know that you can save a significant amount of money each month by refinancing your existing mortgage loan to one with a lower interest rate, but you only have 10 years remaining on your mortgage loan.
The good news is that you can refinance even with such a short time remaining on your original loan.
What is 10 year mortgage refinance rate?
A 10-year fixed mortgage is a loan with a term of 10 years whose interest rate stays the same for the duration of the loan. For example, on a 10-year mortgage of $300,000 with a 20% down payment and an interest rate of 3%, the monthly payments would be about $2,315 (not including taxes and insurance).
How much can I refinance my house for?
When it comes to refinancing, a general rule of thumb is that you should have at least a 20 percent equity in the property. However, if your equity is less than 20 percent, and if you have a good credit rating, you may be able to refinance anyway.
Photo in the article by “Obama White House”