Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell


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When does a 15 year mortgage loan make sense? Rate – Term – Payment!

Most often I recommend clients take the 30 year fixed rate over the 15 because the difference in interest rate usually doesn’t make the shorter rate all that appealing, however, there are exceptions.

Let’s talk about a hypothetical case in Oregon. Here are the parameters:

Property Value $250,000
Loan Amount $180,000
Original Loan $200,000
Payment @ 5.75% $    1,167.15
New Loan Amount (w/cls cost) $185,300
New Payment @3.75% (15 Yr) $     1,454.44
Difference $         287.29
APR New Loan 4.042%

The question remains, does this make sense? The answer is that it does if the increased payment doesn’t create a hardship. If you are looking to save on the amount of interest your are paying each month, this works. If you are looking for a lower payment, then the 30 year would probably be a better deal for you. Many people are currently making additional principal payments ever month to pay off quicker and pay less interest.

Maybe a refinance like this will make sense for you. Maybe a 30 year refinance will make more sense, but whatever your choice, don’t you think it is worth looking into? I tell people when it is a mistake to refinance, but I also show them when it is a benefit to refinance. You will always get the straight story from me.

Contact me

Navigating the mortgage approval process can be daunting. You need someone on your side. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

button1 When does a 15 year mortgage loan make sense? Rate – Term – Payment!

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