Can I refinance to a short-term mortgage?
Yes. Refinancing allows homeowners to reduce their interest rate or borrow equity with a cash-out refinance. But if you’re 10 years into repaying a 30-year loan, refinancing into another 30-year loan will require 10 more years of loan payments. Refinancing to a short-term loan allows you to avoid additional years of monthly payments or to accelerate your payoff.