Ready to buy a home and have at least a 620 credit score? You may qualify for a conventional loan with as low as a 3% down payment.
Take time to explore all of our different loan options.
If you live in a high-cost area or need a mortgage that exceeds conforming loan limits, a jumbo loan might be the right product for you.
Certain buyers may benefit from a USDA loan depending upon their income or the home’s location. Another bonus: No down payment is needed.
ARMs often start out with lower interest rates than fixed-rate loans. You may want to consider an ARM if you believe your income may grow as the interest rate and payment increases.
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
If you’re a veteran, servicemember or surviving spouse, you could get qualified for a mortgage with fewer requirements and no down payment.
Do current 20-year refinance rates have you considering your refinancing options? A 20-year mortgage refinance may be able to lower your current interest rate, help you pay off your loan sooner and save you money at the same time. Discover if refinancing with 20-year mortgage refinance rates is the optimal decision for you.
What is a 20-Year Refinance?
A 20-year refinance is the process of replacing a current mortgage loan with a new one to change the terms of the original loan to better suit the needs of the borrower. Updating the interest rate and loan length are among the most common reasons to refinance. Refinancing can help consolidate debt, reduce monthly mortgage payments and save the borrower money with lower 20-year refinance rates.
Pros and Cons of 20-Year Refinance Rates and Terms
Take a look at a few of the pros and cons of 20-year mortgage refinance rates to better help you make an informed decision regarding your refinancing options.
- More affordable payment than 10-year and 15-year loans
- Loan paid off sooner than a 30-year loan
- Save more money in interest
- Higher interest rates than shorter-term loans
- Pay more in interest compared to shorter-term loans
- Higher payment than a 30-year loan
Reasons to Choose a 20-Year Refinance
Choosing 20-year refinance rates and terms can allow you to pay off your loan sooner than a 30-year mortgage loan. A 20-year refinance mortgage also allows for a reduced monthly payment when compared to the 15- and 10-year refinance options.