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15 year or 30 year fixed when I refi? I have been wondering that and confused? what is pro and con?

by JodieOber from Riverside, California. Jun 22nd 2010 Reply


John Burke (jburke)
#27 ranked lender in Texas - 321 contributions

Hi Jodie,It all depends on your budget and your short/long term goals. Rates are going to vary by .375 to .5% between a 15 year and 30 year fixed loan so maybe the best plan would be to refinance on a 30 year term but make monthly payments as if you have a 15 year loan. This way you have some flexibility just in case one month you need to make a 30 year payment you're not locked in to making a 15 year payment.

Jun 22nd 2010
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Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions

Go for the 30 year; rates between the 2 are not that far about and the 30 gives you more security with a lower payment and you can still pay as much as you like. Gregorio Denny --WeFixRates.Com--

Jun 22nd 2010
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Kitsy Burt (Kitsy Burt)
#7 ranked lender in Ohio - 88 contributions

It would all depend on your personal goal. Rates are so good now, a 15 year mortgage will save you more interest if you are looking to pay off your home quicker, but might have a higher monthly payment and a 30 year mortgage will save you more monthly if you are looking to lower you budget. I would be happy to go over both options with you.Kitsy BurtCharter Mortgage Co.614-841-0001 X 104

Jun 22nd 2010
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Matt Davis (Matt Davis)
#151 ranked lender in California - 52 contributions

Hi Jodie,That is a great question that we hear all the time. There are a variety of factors that make it right for one and not for another. It only takes a few minutes to clearly explain what could be the best option for you.Feel free to call or email me at Matt@PierWestCapital.com or 888-PierWest (743-7937) X 701Best,Matt Davis

Jun 22nd 2010
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

Your rate would be approximately .25% lower and you monthly payment will be approximately 1/3 higher with a 15F. You'll pay the mortgage off in 1/2 the time. If you re comfortable with the higher payment, then it would be a wise choice. .... Happy funding, Rudi

Jun 24th 2010
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