http://newjerseymortgageblog.com/can-i-hurry-up-and-wait-to-refinance ... Keeping New Jersey Consumers and Mortgage Borrowers in the Loop ...... Mortgages, Refinancing, Credit & More... Thu, 17 Nov 2011 23:43:35 -0500 hourly 1 http://wordpress.org/?v=3.1.2 http://newjerseymortgageblog.com/can-i-hurry-up-and-wait-to-refinance/comment-page-1#comment-454 CAROL Sun, 15 Aug 2010 01:23:59 +0000 http://newjerseymortgageblog.com/?p=864#comment-454 @Lilly - Over the past 2 years, 35% of borrowers have opted for either a 15 or 20 year loan. That's because with rates so low, refinancing or buying a home with a shorter term will often yield a payment not much different than the 30 year at the higher rates. If you really NEED the lowest payment, the 30 year loan always gives the lowest. But with rates so low, many astute borrowers see the possibility of actually paying off their loans within a reasonable period of time and building much more equity at a faster pace. 20 year loans are not new at all. Everybody simply got sold on paying a mortgage for 30 years and as we humans do, we followed the crowd. Given that most of us can no longer look forward to our home values rising rapidly, it makes sense to pay down the loan with a shorter term and a better rate. @Lilly – Over the past 2 years, 35% of borrowers have opted for either a 15 or 20 year loan. That’s because with rates so low, refinancing or buying a home with a shorter term will often yield a payment not much different than the 30 year at the higher rates. If you really NEED the lowest payment, the 30 year loan always gives the lowest. But with rates so low, many astute borrowers see the possibility of actually paying off their loans within a reasonable period of time and building much more equity at a faster pace. 20 year loans are not new at all. Everybody simply got sold on paying a mortgage for 30 years and as we humans do, we followed the crowd. Given that most of us can no longer look forward to our home values rising rapidly, it makes sense to pay down the loan with a shorter term and a better rate.

]]> http://newjerseymortgageblog.com/can-i-hurry-up-and-wait-to-refinance/comment-page-1#comment-447 Lilly Sat, 14 Aug 2010 01:01:05 +0000 http://newjerseymortgageblog.com/?p=864#comment-447 Carol, we want to refinance now with rates being so low, but my husband is pretty decided on the new loan being 20 years, not 30 years. Does this make sense for people? I am not familar with people having 20 year loans - never even heard of it. Won't getting a 30 be cheaper? Carol, we want to refinance now with rates being so low, but my husband is pretty decided on the new loan being 20 years, not 30 years. Does this make sense for people? I am not familar with people having 20 year loans – never even heard of it. Won’t getting a 30 be cheaper?

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