Refinance Home Loan Rates – 15 Year Fixed and 20 Year Fixed Interest Rates Low
Posted on | February 26, 2010 | No Comments
Refinance home loan rates are current at the lowest levels they have been for the entire year of 2010. Both the 15 year fixed and 20 year fixed mortgage interest rate are below 4.5%. It is important to understand that the mortgage rate you qualify for will be based on the equity in your home and your credit score.
Many Americans have had the opportunity to refinance in the current low interest rate environment. This has allowed them to save hundreds of dollars on their monthly mortgage payments. There are many free mortgage calculators available online that can help you determine how much you can save.
Before you jump headfirst into a 15 year of 20 year fixed mortgage rate it is very important to note that you are going to have to pay more monthly because the term of your loan is shorter. You will pay much less because your interest rate will be lower and you will pay the loan off quicker but your short term payments will be higher.
Any major decision in your life is very important; you must make sure that you are making the right decision when it comes to refinancing your home loan. There will be closing costs involved so make sure you have the money to cover these costs.
Author: Alan Lake
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