Forgotten Your Password?

Need to Register?

Question Icon

Shorten my 30 year mortgage?

trying to find a way to shorten my 30 year mortgage. I was going to sell the home after 5 years but now have decided to stay long term. by mortlainders from South Jordan, Utah. Feb 9th 2011 Reply


Rich Constantine (rconstantine)
#395 ranked lender in California - 79 contributions

How long have you been in your current loan? There is benefit to shorten the term to 15 and 20 year fixed. The rate is lower. Get a low closing cost loan paired with a low rate. You should shop a few people and call it a day. I lend in all States. I provide very low closing cost, no points and no origination. Just pay the hard cost. Hope this helps. RC

Feb 9th 2011
1
0
Dan Paladin (dpaladin)
#1 ranked lender in California - 607 contributions

You have a couple of options....one is obviously looking into a refinancing into a shorter term...25 yrs...20 yrs...etc....another option is to make additional principal payments at intervals that you choose...example an extra $100 per month...or an extra full payment every 6 months...you get the picture this will shorten the term as well. To see what works best for you feel free to contact me for a no obligation mortgage consultation...877-369-4319

Feb 9th 2011
0
0
Gary Crist (coloradoreversemortgagelender)
#28 ranked lender in Colorado - 38 contributions

There are many ways to shorten your current 30 year mortgage without refinancing your current loan. If you are paid every two weeks a biweekly plan works best, you can cut a 30 year mortgage to a biweekly plan that can cut your mortgage to 22 years and a 15 year mortgage biweekly plan can be paid in as little as 12.5 years. For more information call me directly at First National Bank 801-738-6281 or Toll Free at 888-546-9927.

Feb 9th 2011
0
0
Brian Serba (UtahMortgageLoan)
#5 ranked lender in Utah - 9 contributions

Reducing the term on your mortgage is a very good idea and rates on a 10yr and 15yr are still low. I know you have had five or 6 people respond to this message and try to give you options. The best way to figure out your options is to call a couple of us and get a quote. I would be glad to give you a quote nad based of our conversation I can give you a qualified interest rate. The nice thing about doing business with me is based on the reposnses you received most of the lenders are from out of state. I do business right here is Utah. Give me a call I would love to help you out. Thanks,Brian SerbaMedallion Mortgagep.801-362-7730

Feb 10th 2011
0
0
Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Hi. All the information above is accurate, however, I don't see that anyone mentioned the Home Ownership Acceleration loan. I have a loan that will allow you to shorten the payoff time drastically by paying no more than you currently pay monthly on all your bills. There are certain qualifying factors taken into consideration. 680 credit score, 20% or more equity and it cannot be a cash out refi. If you meet those criteria, it is definitely something you should check out. We lend in 47 states. Patrick McCarthy, Northpointe Mortgage, 866-901-3576

Feb 10th 2011
0
0
Subscribe to our news feed.