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Are ten-year fixed-rate mortgages (FRM) available anywhere?

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).

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More help from HSH.com

  • When refinancing at a higher rate makes sense

    Trade your old mortgage for a new, higher-rate version? There are times when it actually makes sense.
  • Should I pay off a mortgage early?

    By making extra principal payments or refinancing your mortgage, you could pay a lot less interest and free yourself from your mortgage ahead of schedule. Here are the pros and cons of retiring your mortgage early.

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