Can refinancing help borrowers pay off their mortgage faster?
During the refinance boom of the early 2000’s, many people consolidated their 30 year mortgage and other debts such as credit cards and auto loans into a 15 year mortgage with the same monthly payment. Consolidating debts often make sense but you need to ask yourself if you can afford a shorter term loan versus the 30 year fixed. If you refinance, make sure you are doing it for the right reason.
