Low Rate Home Equity Loans - Refinancing for a Shorter Term and Better Rate

Home Loans

Low Rate Home Equity Loans - Refinancing for a Shorter Term and Better Rate
(presented by www.refinance-refinance.net - mortgage lenders)

By L. Sampson

Looking for a better rate is a common reason people choose to refinance their home equity loan. But did you know that shortening your loan term can save you more money than reducing rates? Combine the two and you will save yourself thousands in interest costs and trim years off your payment schedule.

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Why Time Matters

While most people focus on comparing rates when looking at loans, they should be equally concerned about the length of the loan. The longer you pay interest on your home equity loan, the higher your interest costs, even with a low rate.

For instance, take a look at a $30,000 home equity loan. Its interest at 6% for 10 years equals costs $9967.43. Interest for a 5 year loan for the same amount but at 7% is just $5642.12

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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This entry was posted on Wednesday, July 26th, 2006 at 3:54 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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