Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings. If you find a great lender and rate, but they don't offer a 10-year term, you can always make yourself one.
Using an mortgage calculator, plug in the particulars for your loan with a 10-year term; now, refinanceas normal, then send in the payment you calculated for the 10-year loan. Voila! Instant shorter-term mortgage (in fact, you can shorten the term of the loan to any term you want using this method... just make the payment you calculated for the term you want).
- What is a home equity line of credit?
A home equity line of credit is a type of second mortgage that allows homeowners to borrow money using their home as collateral.
- What is a home equity loan?
Homeowners with equity in their property can take out a home equity loan that uses their home as collateral.
- What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
- Is a home equity line of credit tax-deductible?
One of the benefits of homeownership is the availability of a tax deduction for the interest paid on a mortgage.
- How do I calculate my interest-only mortgage payments?
You need to do the amortization in two parts in order to get your answer.