Lower Your Monthly Mortgage Payment
It may not be the same as time off for good behavior, but can you lower your monthly mortgage payment if your payment history has been stellar?
Refinancing a mortgage is a great way to take advantage of more attractive interest rates which can lower your monthly mortgage payments. The money saved each month can be used for other expenses.
However, it’s best to gather as much information as possible about refinancing. There are usually hidden costs to refinancing a mortgage, which can vary depending on interest rate, credit score, and loan amount.
Costs to refinance include credit fees, appraisal fees, points (an optional expense to lower the interest rate over the life of the loan), insurance, taxes, escrow, title fees, and lender fees.
Still, refinancing from a high rate and paying less per month while also paying off your mortgage in less time can be a real win for the homeowner.
Interested in refinancing? Contact Lending Team today to discuss what options are available.
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