Decrease Your Monthly Payment

Here are some ways that you can lower your monthly mortgage payment.

Refinance to a lower interest rate

You can refinance to a rate lower than your current one. A lower interest rate usually means a lower monthly payment.

Change your mortgage’s term

You can change the term of your mortgage. If you lengthen your mortgage’s term from 15 to 30 years, the balance of the mortgage is spread out over a longer period of time, lowering each payment. If you have a 30-year mortgage, and you’re interested in saving over time, you could consider shortening the term to 20 or 15 years. Your monthly payment will be higher, but you will pay much less interest over the life of the loan, potentially saving thousands in the long run.

Refinance to an interest-only loan

With an interest-only loan, the minimum amount your are required to pay is the amount of interest for a certain period of time, though you can pay as much principal as you would like. This gives you the flexibility to pay less if you need to divert money to other endeavors, like contributing to your retirement fund or saving for your child’s college tuition.

Here Comes the Sun​
Brighter days are ahead. We can help you lower your monthly mortgage payment.​