You can refinance your 30-year mortgage to shorten the term to 15 years — if you can lower the interest rate by at least 1 percent.
Refinancing can result in a substantial increase in your monthly payments. In addition to that, there are substantial costs associated with a refinance, money which you will have to pay out of your own pocket. In some cases, the refinancing costs will be added to your loan amount, in which case you will have to pay interest on it for 15 years.
Before choosing to refinance your 30-year mortgage into a 15-year mortgage, talk to your lender and find out how much you will have to pay for the refinancing on a monthly basis. Then decide if you can afford it.
If for some reason you decide against refinancing your mortgage there are several other ways in which you can pay down your mortgage faster.
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