The 30-year fixed is the most popular loan for most home owners. The lower payments may allow you to qualify for a larger loan. For a refinance, this can mean more money in your pocket for home improvements, paying off debt or funding college tuition. Some consumers just want the lower payments to make their loan payment more manageable month after month.
Indeed, the 30-year refinance comes with many different options. You can refinance your current mortgage for a lower interest rate and make extra payments to lower your balance when it makes sense for you to do so. You can consolidate a first mortgage and a second mortgage into one low monthly payment. You can also get extra cash to pay off credit card debt or make home improvements.
If your goal is to pay off your loan sooner, a 20-year or 15-year loan may be a better option. Your Milend loan officer will help you weigh all your options and present solutions that make the most sense for you.