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Refinancing your mortgage loan can save money and make the mortgage refinance budget more manageable. There are disadvantages and risks associated with refinancing your mortgage, a major drawback is that you are back to square one with loan amortization. This means that your payment will go primarily to the interest and you will build very little equity in your home. There is a way around this, you can keep the original date paid and reduce your costs of financing.

Select Short Term Length

Mortgages come with different term lengths ranging from ten to thirty, even forty and fifty years. By choosing a short length can match the payment date of your original mortgage loan somewhat closely.