Shorter-Term Refis Can Save Big Money
Shorter-term loans are gaining favor as rates continue to fall.
On average at today’s rates, a borrower refinancing their 6.5 percent loan would save $70,000 over the life of a $200,000 20-year loan vs. a 30-year loan.
These kinds of refinances are particularly popular among people who are approaching retirement, said Peter Iche, president of Carthage Federal Savings and Loan Association in Carthage, N.Y.
Source: USA Today, Stephanie Armour (08/16/2010)
Check with Rick Cirelli at RTCMortgage.com for details
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