Getting Your House In Order Is The First Step To Financial Success

3967.265 - 3986.938 George Kamel

Number two, people do it to reduce the loan term and become debt-free faster. So you go from a 30-year mortgage or an adjustable rate mortgage to a fixed rate 15-year mortgage, for example. And that can get you a lower interest rate, shorter mortgage payoff, get your house paid off sooner, double win. Another reason people do it is to get rid of PMI, private mortgage insurance.