Lower Your Payment
Mortgages Can Be Flexible. Lower Your Payment Today
How about benefiting from the lowest mortgage rates we’ve seen in a very long time?
If you’re willing to look into the options to lower your payment, we guarantee that there are multiple ways. One of them is changing the terms of your mortgage, another one is refinancing. Our friendly and dedicated team helps borrowers like you save money every day. We’re determined to help you find the best options even if you’ve already signed up for the loan.
FHA Loan - These loans are insured by the Federal Housing Administration and can help you take off the mortgage pressure. FHA loans are easy to qualify for, and you don’t even need a flawless credit history. 30-Year Loan - If you prefer fixed payments for the entire lifespan of the loan, go for a 30-year loan. This options works well with borrowers who have long-term plans. In this case, the mortgage rate never changes. Adjustable Rate Mortgage - This is a great solution for borrowers who plan to refinance the loan in a few years or move to another home. When you get an ADM loan, you will have fixed interest of 5, 7 or 10 years. After this, your payment may change once a year, but will never exceed the 2% of your fixed payment.VA Loan - Qualified veterans, members of the military, and their spouses can apply for VA Loans. Check if you’re eligible, before proceeding with your plans. No matter which loan you chose, contact our experienced team to determine which option works for you. Some loans will cost you more, and others will help you lower your payment. Stay informed and educated to make the right decision.
Frequently Asked Questions
Is loan refinance worth it?
Before you go into any kind of exploration whether to refinance or not, check your current situation. Look at your credit history and your home value. Don’t forget to check the present mortgage rates, those may have changed as well. These changes can play an important role in your decision. Our mortgage calculator tool will help you to determine savings you may have after refinancing your loan, and make a right decision.
Finally, talk to an expert to see if loan refinance is really suitable for your purpose. Refinancing may be better than taking a new loan. However, be prepared to pay a longer term and higher interest rates because you refinanced. So, the answer to this question really depends on your reasons.
What is loan refinance and how does it help lower the monthly payment?
When you refinance, it means you’re taking a brand new loan to pay for your house. Refinancing may save you money if your new loan meets 2 criteria. The new interest rate should be lower or you should not be required to pay Private Mortgage Insurance.
A lower interest rate may help you save money, but it may prolong your term. If the term is prolonged, you may end up paying more than before refinancing.
Finally, if your down payment was less than 20% of your home value, you’re now paying Private Mortgage Insurance. If your home equity or value considerably increased, you can eliminate this cost by refinancing.
What is equity and how does it lower my monthly payment?
Equity is the assessed value of your house minus the amount of money you still need to pay.
Having a good amount of equity is a benefit. It will help you get better mortgage refinancing options or receive more money during a cash-out refinancing.
When refinancing, your equity may determine the new terms, including the elimination of Private Mortgage Insurance cost.