Lower Your Monthly Payments
The biggest expense for most people is their home. So it makes sense to frequently look for ways to lower your monthly payment in order to divert that extra money toward your other goals in life. Rates change frequently and they may be much lower today than when you originally financed your home.
Refinancing your existing mortgage is the surest way to lower your monthly mortgage payments.
As you analyze the best options for refinancing, keep in mind any costs that are part of the process. Those can eat away at whatever savings you plan to obtain. But if you secured a mortgage several years ago that carries a high rate, you can save a significant amount of money by refinancing. In some cases, you can refinance from a high-rate 30-year mortgage to a 15 year mortgage and end up paying less per month while also paying off your mortgage in less time. That's a significant win.
If you are looking to lower your payments and want to look at options to do that, get in touch with Angelo and team today. It's important to keep in mind that when it comes to refinancing your home loan, you can generally reduce your monthly payment amount, however total finance charges, may be higher over the life of your mortgage loan.