Mortgage payment calculator concepts
Another reason homeowners turn to mortgage refinancing is to change the term of their mortgage. The most common change homeowners make when mortgage refinancing is to decrease the term of their mortgage. What will this do for you? When you choose to decrease the term of your mortgage, you will save large amounts of money in the future by making higher monthly payments in the present. Does this sound too good to be true? When you choose to decrease the term of your mortgage, you will save money in two ways. Since shorter term mortgages generally have lower interest rates than longer term mortgages, you will save money due to interest rates with mortgage refinancing.