Question by J B: Refinancing Mortgage, length?
I am 10 years into a 30 year mortgage, ie, I have 20 years to go to have it paid off.
If i refinance, does the new load i get have to be either 30 years, or 15 years???? Can i have it set up so that i still finish paying off my house 20 years from now?
Answer by bud68
If you refi, your term starts anew – it can be 15 year, 20 year, whatever the lender offers. The old loan term has nothing to do with it.
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The financial crisis is your fault.
conforming loans have 10,15,20,25,30,40 year terms. FHA has 15,30 year terms so pick te one you want. If saving enough go on the 15 and pay about what you are now or go 25 and add principal extra every month
You can refinance for any period of time you choose, within reason. You might find that if you lower your interest rate, you can make the same payment you have been making and pay the balance off in less than the 20 years remaining. Denpending on your situation, that might be something you want to consider.