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Mortgage Refinance Loans

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Refinance Rates

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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

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Lower your Mortgage Payment How to Lower your Mortgage Payment

In today's economic turbulence, many home owners are wondering how they can reduce their expenses. While it used to be that you just accepted that you had the mortgage payment every month, nowadays people are actively seeking ways to decrease their mortgage payments as well as their other financial obligations. Specifically, you might inquire how to lower your mortgage payment? With the prevalence of refinancing, there are several options that you can review in order to make your monthly commitments more manageable.

lower mortgage payments

First, if you have an emergency which is a temporary situation, some traditional lenders have added benefits to their agreements such as "payment holidays". You see these features quite often now on credit cards where one month you receive your statement and the lender says you can take a break from the payment that month. Of course interest still accrues, but it does give you some breathing room. Mortgage lenders are doing the same and you might want to contact your lender to see if something can be arranged.

Second, if you want a more permanent way to lower your mortgage payment, you might consider refinancing and extending the amortization period over a longer period of time. If your mortgage is presently fifteen years, for example, take the new mortgage for twenty years. Of course, it takes longer to build equity since the bulk of your payments are going to interest, but you will see some relief each month with a lower payment. Watch out for the most common refinance mistakes, though!

Third, you may decide that the best option for you to lower your mortgage payment is to pay interest payments only. This is literally the lowest type of mortgage payment that you can make. The downside is you will not have any equity, but once you get back on your feet financially, you can renew your mortgage with more traditional terms.

Fourth, you can arrange to consolidate your mortgages and maybe even your other debt. At the very least, if you have more than one mortgage on the house, they are going to be at different interest rates, with the first being the lowest. By combining all the mortgages, you will be able to obtain the same rate saving the interest, but also, because the debt is combined, the payments will most likely be a little lower than if paid separately. And, if you can combine your other debt, you should be able to reduce your total monthly payments by a considerable amount.

Fifth, if you locked into a high interest rate or a variable rate that is scheduled to increase, it might be wise to opt for refinance mortgage procedures, assuming interest rates are in your favor. Even if the interest rates have not dropped significantly, if your credit score has improved since your last agreement, you may be able to obtain a lower rate.

Sixth requires a favorable market, but the point requires mentioning, as some benefit from both increasing their amortization period and decreasing their interest rate. If both can be done at the same time, then the payments will be lower.

Finally, for some people, moving into a less expensive home may be the answer to lowering mortgage payments. Maybe the children have moved out and they no longer need so many bathrooms and bedrooms. In this case, selling the house, then buying something more economical is how to lower your mortgage payment.

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