Filed under: refinance.
Many people take out a 30 year mortgage but find themselves in a much better financial situation in just a few short years. In this case, there’s always some discussion about the best course of action. Should that money be saved? Invested in the stock market? Should more money go towards the mortgage each month? Or what about refinancing from a 30 year loan to a 15 year loan? This is an especially tempting idea if interest rates have significantly dropped since the loan was initially taken out. When you lock into a lower interest rate, you could save a significant amount over the course of the loan.
Of course it’s not always the right time for a Los Angeles refinance. You want to make attention to the market to ensure that you’re investing when interest rates are low. You also want to consider how much you have left to pay on your mortgage. You will have to pay fees to refinance, but if you stand to save a significant amount in interest payments then it will be well worth it. And of course if you switch from a 30 year to a 15 year mortgage, you’ll have your loan paid off in half the time!