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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