Shorter mortgage loans are paid off sooner and typically have lower interest rates. For example, interest on a 15-year fixed loan on 2/25/15 is on or about 2.75%, while interest on a 30-year fixed loan is on or about 3.125%.
Loan rates are higher on longer term mortgages because banks have to insure the cost of the loan for much longer than with short term mortgages. There are many advantages to shorter term mortgages. Not only do you have a lower interest rate, but you can potentially save thousands in interest since the loan period is much shorter.
Do you mean "contract". Well, when muscles contract they get shorter and fatter. When they relax they get longer and thinner.
If you mean how can you reduce your monthly payments, you can refinance at a better interest rate or refinance for a longer term. If you mean how to amortize your loan over a shorter period, pay an extra amount on top of your standard loan payment. Beware of early payment penalties if you pay off your loan early. Check with your lender to be sure there is no prepayment penalty.
To make longer and to make shorter
Longer because if you think about it, that stretches it out.
it means getting shorter or longer.
To refinance is to re-finance (or finance again) an existing debt to change the terms by either lowering the rate of interest, taking additional equity out of the asset with the new, replacement loan or change the term making the new loan either longer (to lower the payment) or shorter (typically to lower the overall cost of the loan). Or it could be a combination of any or all of these goals that a loan replacement or re-finance would achieve.
It means that if you travel for an hour you will have covered a distance of 60 miles. If you travel for a longer or shorter time you will cover a proportionally longer or shorter distance.
Because if the shorter leg was shorter than the longer leg was long, then the longer leg wouldn't be longer than the shorter leg is short. The short leg would be the longer one rather than the long one being the short one.
Its longer cuz the longer the flatter the incline plane, and on flatter planes, the object presses more than on the shorter ( steeper ones)
When refinancing a loan, important questions to ask include: What is the new interest rate? What are the closing costs? Will the new loan term be shorter or longer? How much will you save in total interest payments? What are the potential penalties for early repayment?
A candle. As it burns, it gets shorter in length but longer in wax height.