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 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.
- Can I get copies of checks from a past refinance?
It's not going to be easy, that's for sure.
- Can I refinance an underwater ‘kiddie condo’?
If the home is underwater, HARP is really your only option.
- Will shopping around for a refinance affect my credit?
Credit bureaus usually treat multiple applications to different lenders as a single entry in your credit file.
- Is my lender required to give me a lower rate?
Unless you previously arranged for a float-down option, the lender is under no obligation to offer you a lower rate.