What are the advantages of refinancing to a 15 year mortgage?

If you want to refinance a 30 year mortgage, you may find that a 15 year mortgage has many advantages. Because you only pay interest for 15 years, you can save half the interest costs associated with a 30 year mortgage. Also, banks will offer a lower interest rate for a 15 year mortgage. In this way, the amount of interest that you pay will also be lower.

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