Pay off your home in half the time Owning a home can be financially and emotionally rewarding. Owning your home outright or quickly building equity can be a source of financial security. Wont my payment double on a fifteen year loan? While payments will increase on a fifteen year loan on a refinance you refinance into a lower rate 15 year loan. Than your increase can be as little as 30% with the right rate. If you have enough equity some programs don't require Mortgage Insurance even at 90% loan to value.
