The Best Ways To Reduce Your Mortgage Payments in 2020
2020 has been a tough year! I think we can all agree on that. Our mortgage lenders at the Lake of the Ozarks understand how tough times can get sometimes financially. That's why MHQ - Mortgage Headquarters is here to give you a few tricks to lowering your mortgage payments in this week's blog. If you have any questions, please give our friendly mortgage brokers at the Lake of the Ozarks a call. We can be reached at (573) 302-9990.
Contact an EXPERIENCED mortgage lender you can count on.
Work with a mortgage professional that has your best interest in mind from the beginning. Our extensive knowledge of the lending industry can be an excellent tool for you when it comes to finding the right terms and conditions to make your loan as affordable as possible. We can help you determine what you can actually afford based on your financial situation, and we can help get you set up for success in getting your mortgage paid off.
Consider reducing or canceling your PMI.
While lenders have been legally required to cancel Private Mortgage Insurance (PMI) at the point the mortgage balance goes under 78% of the purchase price, they do not have to take similar action if the loan's equity is over 22%. But you have the right to cancel PMI yourself (for loans made after July 1999) at the point your equity reaches 20 percent, no matter the original price of purchase. Once you think you've reached 20 percent equity, you can begin the process of freeing yourself from PMI payments.
Ask your mortgage lender about refinancing.
Refinancing can help lower your rate and consequently your mortgage payments. Your best choice for lowering your monthly payments might be refinancing to a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be a particularly good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
The Lake of the Ozarks is a wonderful place to live and we are here for all your mortgage needs in this area. Whether you are purchasing a second home here or want to live here full time, you can count on us to be there for, when it comes to getting a mortgage that works for you. Please give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
The Best Ways To Reduce Your Mortgage Payments in 2020
Contact an EXPERIENCED mortgage lender you can count on.
Work with a mortgage professional that has your best interest in mind from the beginning. Our extensive knowledge of the lending industry can be an excellent tool for you when it comes to finding the right terms and conditions to make your loan as affordable as possible. We can help you determine what you can actually afford based on your financial situation, and we can help get you set up for success in getting your mortgage paid off.
Consider reducing or canceling your PMI.
While lenders have been legally required to cancel Private Mortgage Insurance (PMI) at the point the mortgage balance goes under 78% of the purchase price, they do not have to take similar action if the loan's equity is over 22%. But you have the right to cancel PMI yourself (for loans made after July 1999) at the point your equity reaches 20 percent, no matter the original price of purchase. Once you think you've reached 20 percent equity, you can begin the process of freeing yourself from PMI payments.
Ask your mortgage lender about refinancing.
Refinancing can help lower your rate and consequently your mortgage payments. Your best choice for lowering your monthly payments might be refinancing to a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be a particularly good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
MHQ - Mortgage Headquarters is Here For All Your Mortgage Needs!
The Lake of the Ozarks is a wonderful place to live and we are here for all your mortgage needs in this area. Whether you are purchasing a second home here or want to live here full time, you can count on us to be there for, when it comes to getting a mortgage that works for you. Please give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
Comments
Post a Comment