The 30-Year Fixed
Get cash or consolidate debt with a low monthly payment by refinancing your home with a 30-year fixed rate loan.
Why refinance for 30 years?
Customers refinance their homes for 30 years for a number of reasons, but mostly because they want to get their payments as low as possible so they can have more disposable income. The money they save on their monthly mortgage payment can go toward other investments, college savings or to just manage their bills more easily. It’s the most affordable choice when refinancing.
Pay less, qualify for more
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.
Do the Math With Our Mortgage Calculator
Our easy to use mortgage calculator can show you how much you can afford, calculate payments and help you to consolidate your debt.
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Are you ready to explore your loan options? Our home mortgage loan experts can help you weigh your choices.