Term reduction

Reducing your term is an excellent way to reduce the total amount you pay for the loan. Point in fact the “term” is the most expensive part of any financing vehicle. Additionally shorter terms typically have better rates associated with them. It should be noted the shorter the term the higher the payment. This higher payment however means you are paying off the accruing interest faster and doing so is what accomplishes your paying off the loan in the shorter term period. We recommend the 15 year fixed because it is the most heavily traded short term mortgage which means lots of options and very favorable rates.

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