LOWER YOUR MONTHLY PAYMENT
Having more flexibility in your monthly budget may be possible by lowering your monthly mortgage payment. But, determining if it is financially advantageous to refinance is not always obvious. And it is not always simply about obtaining a lower interest rate. There are many factors that may impact the ability to lower your monthly mortgage payment, such as the interest rate, the loan terms, and the presence of mortgage insurance to name a few. Working with the Loan Geeks Home Loan Experts is a great place to start!
Lower Interest Rate
Lowering your interest rate is the most common way to reduce your monthly mortgage payment. Today’s rates remain historically low, and depending on the type of mortgage you currently have, your qualifications at the time you obtained the mortgage, and when you took the mortgage out, you may be able to lower your rate.
Check out Today’s Rates! Then check out our Refinance Calculator to see how a new interest rate and/or loan term may lower your monthly payment. For more information, Contact Us to talk with a Loan Geeks Home Loan Expert!
Longer Loan Term
Refinancing to obtain a longer loan term may be a great way to reduce your monthly mortgage payment to gain some cushion in your monthly budget. And combined with today’s rates, which remain historically low, you may get the compounded benefit of a lower rate and a longer term to get added monthly savings.
Then check out our Refinance Calculator to see how a new interest rate and/or loan term may lower your monthly payment. For more information, Contact Us to talk with a Loan Geeks Home Loan Expert!
Reduce or Eliminate Mortgage Insurance
Depending on the type of mortgage loan you currently have, and the original terms when you obtained the loan, you may currently have mortgage insurance that is cost your hundreds of dollars per month. And, you may now be in a situation, whether due to qualifications or equity position, that would allow you to reduce or eliminate the mortgage insurance and free up monthly income by lowering your mortgage payment. Here are just a few scenarios where you may have the ability to reduce or completely eliminate mortgage insurance.
- You are in a Conventional or Jumbo mortgage where you did not originally have 20% equity when you obtained the loan. But now through principle reduction payments and/or appreciation of your home, you owe less than 80% of what the home is worth.
- You are currently in an FHA mortgage due to credit issues at the time you obtained the loan, despite having more than 20% equity. But those credit issues have now seasoned, and you would qualify to refinance into a Conventional loan with lower or no mortgage insurance at all.
Then check out our Refinance Calculator to see how a new interest rate and/or loan term may lower your monthly payment. For more information, Contact Us to talk with a Loan Geeks Home Loan Expert!
Is The Cost of Refinancing Worth it?
First off, you should understand that there are costs associated with refinancing your mortgage. And if you are engaging with a lender that says there are “no costs,” then they are hiding the costs from you so that you aren’t able to make a fully informed decision. You should know what the costs are to refinance your loan (e.g. appraisal, origination fess, title fees, etc.), so that you can compare the proposed savings/benefits of refinancing against the costs to determine if refinancing makes sense for you. In many cases, you will be able “roll-in” the costs of the refinance into your loan so that you have no out-of-pocket costs at closing.
Then find out if refinancing is right for you, Contact Us to talk with a Loan Geeks Home Loan Expert!
Why You Should Refinance with The Loan Geeks
- You don’t have to sacrifice Great Service to get Great Rates!
- We are a Full-Service Mortgage Lender!
- We are one of the largest mortgage lenders in the US!
- Our Loan Geeks Home Loan Experts are no more than a mouse click or phone call away from providing you with the answers you need and providing the assistance necessary for a smooth stress-free refinance.
- We offer wide variety of loan programs to meet your refinance needs.
I'm Ready to Refinance! What is my next step?
Apply Online
With our State-of-the-Art Two-X Online Application technology, getting a home loan has never been easier or faster. you will be walked through the application process step-by-step. And the help of a Loan Geeks Home Loan Expert is never more than a mouse click or phone call away.
Talk to a Loan Geek Home Loan Expert!
If you are not comfortable starting the application process online, no need to worry. A Loan Geeks Home Loan Expert is available to answer all of your questions and get you started! Answer a few quick questions on the contact request and we’ll have a Loan Geeks Home Loan Expert call you.