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10 Years Left on my loan - But Need Lower Rate

I have less than 10 years left on my mortgage and I want to refinance to a lower rate but I don't want my loan to restart. What type of refi program do I need to look into to keep 10 years as my loan term? by GBonecutter66391 from Brentwood, California. 11 days ago Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 482 contributions

You can do a term yr term to not restart the clock. Just have to qualify. Feel free to contact me for specifics. 562.254.5616

10 days ago
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Mike Shaw (MikeShaw)
#3 ranked lender in Colorado - 9 contributions

The truth is that you are in control of how fast you pay your mortgage down. As long as the rate is lower, the trick is to keep making the same payment you were before but the extra savings will be applied to the principle and help accelerate your pay down. It does look like getting a new 10 year loan would be ideal for your situation. However even if you got a lower rate 30 yr fixed loan you would stay on track if you keep the payments the same and/or paid enough extra to stay on a 10 year amortization schedule.

10 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,286 contributions

You can do a 10 year loan.. not a problem.. Also, even if you went with a longer term, there are no pre pay penalties, so if you wanted to, you could do a 15 year loan, but make the payments as if you are paying on a 10 year loan.. understand that depending on your balance and current rate, there might not be a big improvement.. but regardless, i'd be happy to look at your scenario and put together a written quote. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

7 days ago
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