Is it always the best idea to pay off a mortgage over 30 years? While it may help a homeowner lower his or monthly payment, it can mean paying more in interest and waiting several more years to build sufficient equity in the home.
When It Pays To Refinance Your Mortgage — Literally
There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity.
