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How to Refinance Without a New 30-year Commitment.

Keep your home for a cheaper price without sacrificing your timeline with an odd term mortgage with Benchmark!

If you have considered refinancing to take advantage of a lower interest rate, you may have been hesitant to sign on to a new 30 year loan, and the potentially higher monthly payments of a 15 year loan may not fit your goals. What if you could get a loan for any term between 15 and 30 years? Here at Benchmark, we have just announced Odd Term Mortgages.

Refinance without altering your payoff date with odd term mortgages.

What does this mean exactly? Let’s take a closer look at how this could align with your own goals.

Scenario 1: Get a better rate and keep your payoff date.

If you are on track to pay off your loan by a certain date, or if you have been working on paying it down early, refinancing to a new 30 year loan may not make sense for you. Say you’ve lived in your house for 6 years, and you’re proud of the progress you’ve made so far. You have paid down a portion of your principal debt, and you can see that the equity you built each month will only increase over time.

The prospect of a lower interest rate could save a substantial amount in interest over the life of the loan, but say you don’t want to reset the 30 year clock. You can stay very close to your current timeline with an Odd Term Loan. With Benchmark, you can get a 24 year mortgage to take advantage of current rates without burdening your future self with unplanned debt. If your timeline looks different, you can get a term that specifically matches your vision, from 30 down to a 15 year term, including anything in between.

Scenario 2: Lower your monthly burden responsibly.

Have you bought as much house as you could afford, and no less? Many think this is a wise financial move, but a life change can make this a risky scenario. Refinancing to a better interest rate could bring your monthly payment down to a more sustainable level. Get just the right amount of relief with an odd term mortgage!

With an odd term refinance, you can potentially cut your monthly payments without signing up for the total interest that comes with another 30 year loan. Find the optimal balance between pressure relief (lower monthly payments) and postponing your goals as little as possible.

Scenario 3: Refinance to a lower rate and manage your investment.

If you are an investor, you may have thought about refinancing your mortgage to use the savings in other investments. You may also fall somewhere in the middle on the debate between investment returns and paying off debt. With an odd term refinance loan, you can find your happy medium. You can refinance to free up equity, potentially get a better interest rate, and be on a timeline you’re comfortable with.

Are there any restrictions?

The odd term loan product is not available for ARM (adjustable rate mortgages), Jumbo Loans (see FHFA Announces Conforming Loan Limit Increase In 2019), or non-QM loans. It is available for conventional, FHA, and VA loans. It is also potentially available for USDA loans on a case by case basis.

Before taking action, you may consider reading Does it Make Sense to Refinance? 5 Things To Know.

To learn more about Odd Term Mortgage refinance options, and to see whether it could make sense for you, find your Benchmark branch, and contact them today for personalized service.give us a call or contact us today. At Benchmark, we’ve got your back.give me a call, send me an email, or request a call today. Along with my Benchmark community of mortgage pro’s, we’ve got you covered!

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