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A 20-year mortgage refinance lets you replace your current mortgage with a new loan of 20 years. For some homeowners, 20-year refinances are attractive because they generally offer lower rates than 30-year loans and a more manageable monthly payment than a 15-year loan.
A 20-year refinance might work well if you have sufficient income or cash reserves and want to pay off your house sooner. Refinancing into a 20-year loan may also help you improve cash flow and reduce how much you pay overall in interest.
Here are some of the advantages of a 20-year mortgage refinance that you should consider:
Somewhat lower interest rate:
In general, 20-year fixed mortgage refinance rates are lower than what you’d find with a 30-year fixed refinance, allowing you to potentially save more money over time.
Earlier payoff date:
A 20-year mortgage refinance can help you pay off your loan faster than a 30-year mortgage refinance.
Relatively manageable monthly payments:
If you want a shorter loan term, but aren’t sure about the payments that come with a 15-year fixed refinance rate, a 20-year refinance might make sense, since the monthly payments are usually lower.
What Is a Mortgage Rate and How Do They Work?
Here are the downsides you need to weigh before you take on a 20-year mortgage refinance:
Slightly higher monthly payments:
When you refinance into a 20-year mortgage, you might end up with higher monthly payments than what you’d see with a 30-year refinance. This can be an issue if you’re worried about monthly cash flow.
With 20-year refinance rates, there’s usually more time for interest to accrue vs. a 15-year refinance. You could end up paying more overall if you choose a 20-year refinance instead of a 15-year loan.
Most lenders charge closing costs for a refinance. Make sure to compare your savings with 20-year refinance rates with what you pay in closing costs to make sure it’s worth it.
How to Refinance Your Mortgage in 6 Easy Steps
To get the best 20-year refinance rates, first try to improve your credit score. Improving your credit score can help you land a good rate, since the best rates are more likely to be offered to those with excellent credit.
Don’t forget to compare multiple lenders, too. You can use Credible to compare prequalified rates from all of our partner lenders. It only takes a few minutes.
With mortgage rates at historic lows, now is an opportune time to refinance to a 20-year mortgage. However, for those approaching retirement age, it might make more sense to refinance to a 10-year mortgage in order to retire debt-free. Carefully consider your situation and goals before deciding on a specific loan.
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.
How to qualify for the best mortgage rate
You really have to do your research if you want to get the best mortgage rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.
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