Would refinancing to a lower rate help me pay off my mortgage faster?

It depends.. if you are refinancing a loan that you've had for 6 or 7 years, and are redoing a 30 year mortgage, then no.. since your extending your term out to another full 30 years.. the benefit to refinancing to a lower rate will give you a lower payment if your keeping your term the same.. you could however reduce your term.. so if you have a loan for 6 or 7 years, and you refinance into a 15 year mortgage, then yes.. you would pay off your loan quicker.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Rate alone, in theory, can save you money. That is pretty obvious. What isn't so obvious to most people, is that they usually save monthly by lowering the rate AND going backwards. For example you have 25-years left, and you go back to a new 30-year loan. But within that, there are options. For example, you could take the new loan with the lower rate, yet continue to make the old payment. The extra principle can dramatically reduce the loan term. Another great way is to simply take a shorter term than you have now. Most lenders offer 15 and 20-year terms. A few lenders (like us), will offer any term between 10 and 30-years. SO for example again, if you have 23-years left, I can give you a new 23-year loan. Learn more about this at http://tinyurl.com/boh9laj

DBCooper, refinancing will not help you pay off your mortgage faster unless you reduce the term. You will however reduce the amount of interest paid during the duration of your loan. I will be happy to assist you with any other mortgage questions. Deborah Rios, Menlo Park Funding - 302.449.7368 or dduncan@mpfunding.com. Thank you.

Yes, The shorter the term the more principle is applied to the loan balance each month and you built up equity faster:Jim Mazzola: 732-501-4249http://www.hsh.com/lshow/sun_national.html

Yes, the shorter the term, the more principle you apply to you loan balance and you build up equity faster. For more information, contact: James Mazzola732-501-4249http://www.hsh.com/lshow/sun_national.html

Possibly but definitely if you refi to a lower rate at your time left on the loan payment or going to a shorter term.

It's a benefit depending on your reason for refinancing. As William already stated lower payments is often the driving factors for people to refinance and obviously with today's rate everyone should take advantage of them. If you're okay why not refinance to a shorter term, keeping your payments fairly the same and obtain a lower interest rate? If you need assistance please reach out to me through my profile.

As always it depends on many factors, most likely unless you shorten your term the answer is no. if you stay at the same term and depending on how many years you have paid in are you will save on the amount of interest you pay back. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates

Only if you reduce the term of your mortgage with the refinance.

Lots of great answers and info above. It really depends on what you do with the savings - and what your overall situation and goals are (which any good mortgage lender will want to understand before making a recommendation).

Shorter term and lower rate pays loan off faster Call me Craig Prickett for refinance 954 558 4430 www.firstfloridafin.com