How to Lower Mortgage Payments

Lower Your Payment By Taking Advantage Of Low Mortgage Rates

Mortgage rates are at their lowest in decades. A refinance with Sammamish Mortgage can help you lower payment and save you money. Lowering your payment is easier than ever and getting started is simple! Call us or click here to find out if you qualify for a refinance, and check out our refinance calculator to see what a new rate and term could do for you.

Refinancing your home to achieve a lower mortgage payment can have multiple benefits. It can make it easier to pay all of your bills every month if your household has taken a hit to income. It can free up money to help pay for college tuition for a child leaving home to attend school. It can even improve your debt to income (DTI) ratio and credit score if you are trying to build up your credit to qualify for other types of loans.

However it’s important to realize that lowering your mortgage payment through a refinance can actually cost you more money long-term, depending on what factors are at play. If you’re refinancing the outstanding balance on your mortgage by extending the term, will a lower interest rate balance the extra years you’ll be making payments?

If you’re refinancing for the same term length you have no, just with a lower rate, you can really make a dnt in paying your mortgage down and saving money long term as well as short term.With a fixed rate mortgage, this can completely change your outlook on your finances over the coming years.

If you are refinancing to take equity out and lower your payment and interest rate while extending your term, you probably know you’re restarting your home loan from scratch. Make sure it’s worth it by getting the best refinance deal you can from a mortgage lender that doesn’t charge extra fees.

Refinancing can Reduce Your Monthly Mortgage Payment

Check out all of these loan types that can be refinanced to reduce the amount you pay every month in housing costs:

FHA Loans

Lower those rising mortgage payments with a government-insured fixed-rate loan

30-Year Loan

Find stability with a traditional fixed loan option, Sammamish Mortgage can help you lock in today at a great rate

Adjustable Rate Mortgage

Pay less over a traditional fixed rate mortgage for the first years of your loan with a 5 or 7 year ARM. Get the lowest rates available and save money.

VA Home Loan

Refinance up to 100% of your home or buy a new home with no down payment and never pay monthly insurance (PMI)!

Great rates and savings may be available to you if you are a military member, veteran, or spouse of a veteran! There are several options available to eligible veterans. Contact us today!

Not sure which program is right for you? Contact one of our specialists today! Sammamish Mortgage can advise you on which mortgage refinancing program best meets your needs.

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Working with Sammamish Mortgage

  • We put YOU first. We are committed to getting every client the very best possible deal every single time.
  • Sammamish Mortgage offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less.
  • We offer a variety of loans. Sammamish Mortgage will find you the loan that is right for you!!!

Get an Instant Mortgage Rate Quote Today!

If you are unsure which refinance option is right for you, we have experienced loan officers who can guide you through the pros and cons of each scenario and help you pick the one likely to provide you with the highest overall savings. Find out if it makes sense to refinance with our Refinance Calculator.

We’re a local, family-owned mortgage firm based in the Washington area and serve the entire state, in addition to the broader Pacific Northwest region including Oregon, Colorado, and Idaho. Please contact us with any mortgage-related questions or to get a rate quote.

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Whether you’re buying a home or ready to refinance, our professionals can help.

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