![]() ![]() The downside is that you’ll need to pay for these points upfront, but they may be worth it. This will lower your monthly mortgage payments, although you will pay more in interest over the life of the loan.īuy points.Discount points, also known as prepaid points, help lower your interest rate, thus reducing your monthly mortgage bill. Lengthen the term of your loan.Choose a longer time period to pay off your mortgage, like 30 years rather than 15. A lower rate equals a lower monthly mortgage payment. Shop around for a lower interest rate.Different lenders offer varying interest rates. If you’ve crunched the numbers on a house you hope to buy but feel the monthly mortgage payments are higher than you’re comfortable with, don’t worry-there are ways to lower your mortgage payments. An adjustable-rate mortgage can be risky, but is an option to consider if you need a low interest rate loan and are planning to move before the interest rate adjusts. But after a certain time period, like five or 10 years, your interest rate (and monthly mortgage payment) may go up or down.
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