Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings. If you find a great lender and rate, but they don't offer a 10-year term, you can always make yourself one. Using an amortization calculator, plug in the particulars for your loan with a 10-year term; now, refinance as normal, then send in the payment you calculated for the 10-year loan. Voila! Instant shorter-term mortgage (in fact, you can shorten the term of the loan to any term you want using this method... just make the payment you calculated for the term you want).
Are ten-year fixed-rate mortgages (FRM) available anywhere?
Recommended Reading
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The plumbing in my home is failing. Is there help?
You should first check with your homeowner's insurance company to see how much of any damage might be covered. -
When do you predict the housing market to turn around?
There are already signs that pockets here and there are starting to recover. -
Why didn’t my bank notify me of my reduced HELOC?
If you mean "advance notification," the answer would be "no." -
How do I get answers regarding CAIVRS?
HSH.com's article, “On the feds' deadbeat database? Here's how to get off it,” explains what CAIVRS is, why you may be on it, and how to get off it. -
Can I lower my interest rate without refinancing?
In general, lenders require borrowers to refinance in order to lower their mortgage rate. However, there is another way to lower your mortgage rate without refinancing: a loan modification.
