Ready to lower your Seattle house payment?
Check out these 8 ways how to lower your mortgage payment today…
1. Refinance To Lower Your Rate & Payment
Maybe you are in a little better position now. Maybe your credit score is a little higher or you have a little more equity in your home.
You may qualify for a lower interest rate.
You could switch to an interest only loan that lowers your payments.
2. Extend Your Loan Term
A shorter mortgage term may have sounded good when you bought your home or last refinanced. You now know that also means a higher monthly payment.
Refinancing and extending your loan term now can give you lots of extra flexibility. When you have the extra cash you can always pay more towards the principal balance of your loan and pay your home off faster.
3. Consolidate Your Debt
Maybe it isn’t just your mortgages that are weighing you down. Considering refinancing and rolling your mortgages, loans and credit card debt into one payment at a lower interest rate.
Just make sure you do it before you are too maxed out or miss a payment and run out of options.
4. Loan Modification
If you are already in deep financial trouble and the market isn’t good your lender or loan servicer may be able to help with a loan modification. Lenders are much less motivated to grant these deals today, but it may be an option.
5. Ditch the MI
If you needed a high LTV loan when you last financed your home you may have been required to get mortgage insurance. Once you have gained more equity in your home you can be eligible to have this removed and immediately reduce your monthly payment.
6. Stop Escrow Payments
Ask to pay your own property tax and homeowners insurance payments on your own instead of including them in your monthly mortgage payment.
7. Increase Your Income
Consider renting your home out on Airbnb to bring in more money to pay your mortgage.
8. Downsize
Maybe the right move is to downsize to a smaller home with lower taxes, insurance and utility bills.
How will your lower your mortgage payment?
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Contact Seattle's Mortgage Brokerage today for mortgage loans into the Seattle and Bellevue real estate market.
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Seattle’s Mortgage Broker – Joe Tafolla
Call: 206-251-0818
Email: joe@seattlesmortgagebroker.com
506 2nd Ave, Suite 1400, Seattle, WA 98104
NMLS 2237625
www.nmlsconsumeraccess.org
A Division of City Mortgage Brokers, LLC
MB# 2158059
