Shorter-Term Refinancing to Prep for Mortgage-Free Retirement

The newest trend in the home-buying game is refinancing into 15-year loans. More homeowners than ever are going down this route due to mortgage rates consistently falling to record lows. According to Freddie Mac's most recent mortgage rate survey, the 30-year fixed-rate loan averaged at 3.75% which is down from 3.78% last week. On that note, the 15-year fixed loan's average is currently at 2.97%, down from 3.04% a week ago. Unfortunately, most of the homeowners who are able to benefit from the low refinancing rates in this troubled housing market are those who have significant home equity. Many homeowners are considering shorter-term loans so they can have the payoff coincide with their retirement plans. Despite having to pay more per month for these shorter-term loans, having their homes paid in full when retirement comes around would be ideal for any homeowner. Those that are able to do this have statistically been people in their 40s and 50s whose incomes now allow them to pay off more principal every month. If you are interested in refinancing your home to take advantage of these great rates, Quest Loans can set you up with a professional lender today! Call 1-888-883-5252.

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