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Pay Your Loan Off Faster

Do you want to pay the same amount each month, but shorten the life of the loan? You may want to refinance to shorten the term of your loan. This would allow you to pay less interest over the life of the loan because the money is borrowed for a shorter period of time, and more quickly builds up equity in your home. Shortening the term on your mortgage may save you thousands of dollars in interest over the life of your loan. 

Let's say, for example, that you originally had a 30-year mortgage and have been paying it for eight years. Thanks to mortgage refinancing, you can switch to a shorter term of either 10, 15 or 20 years. This can save you thousands of dollars of interest. Also, if the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.