If you like your current mortgage lender, you may decide to get preapproved there first. One of the most important things a borrower can do to ensure they get the most out of their refinance is to shop around with multiple lenders. Shop around to get the best 15-year refinance rate "The key is to have a monthly payment that you will be able to afford every month without struggling," he says. Hernandez advises that borrowers should only opt for a 15-year mortgage if they can lower their interest rate by more than two percentage points or if their new mortgage payment will be similar to their current one. "However, the drawback is that your monthly payment will be much higher compared to a 30-year mortgage." "The benefits are that you will pay off your mortgage sooner," says Jose Hernandez, a real estate agent with Coldwell Banker Realty in Chicago.
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