Entrepreneurs Break
No Result
View All Result
Tuesday, May 24, 2022
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
Entrepreneurs Break
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
No Result
View All Result
Entrepreneurs Break
No Result
View All Result
Home News

Web.com Reviews Discusses How to Make Your Monthly Mortgage Payment Lower

by Peter Garret
August 20, 2020
in News
0
Web.com Reviews Discusses How to Make Your Monthly Mortgage Payment Lower
165
SHARES
2.1k
VIEWS
Share on FacebookShare on Twitter

Table of Contents

  • Introduction
  • The Choices
  • Conclusion

Introduction

Everyone is having a difficult time in 2020 and lowering your mortgage payment may be a big help. According to Web.com Reviews, a high mortgage payment may trap a lot of your disposable income and restrict you significantly. However, lowering your mortgage payment may result in higher interest, and you need to evaluate your choices carefully. Here’s how you can make your monthly mortgage payment lower:

The Choices

1. Extend your term– The most straightforward way to lower your mortgage payment is to extend your repayment term. If you want to extend your term, there is no need to refinance your mortgage. Your bank may offer this service for a fee of $200 to $300.

When you increase your mortgage term from 15 to 20 years, your monthly payment decreases since the amount gets stretched over twice the number of years. However, interests also increase, and you end up paying more overall. But that may be the best solution in your current situation since it frees up a lot of cash every month for your daily expenses.

2. Refinancing your mortgage– If you want to avoid the added interest from a term extension, you may consider refinancing your mortgage. If you have what is regarded as a good credit score, you can refinance your loan from a different lender and save a lot of money. Due to the pandemic, mortgage rates are at historic lows, which is an excellent opportunity to save big money.

There are several mortgage refinance calculators available online, and you can use them to calculate the savings you can get from a 1% or 2% reduction in interest rates. You may be pleasantly surprised. If you can get a hold of competitive prices, you can refinance your mortgage within a few weeks.

3.Increase the down payment size – This method is possible only when you are in the market to buy a new home. If you can shell out a large down payment while buying your home, you can keep your monthly payments low. Try to make a down payment of at least 20 percent and increase that percentage if possible.

4. Pay away your PMI– If you have bought your home with less than 20 percent down payment, you may be paying mortgage insurance along with your regular monthly payment. This has the potential of adding tens of thousands of dollars to the overall price of your home. To get rid of your PMI, pay enough of your mortgage to have 20 percent equity.

After that, you can request your lender to remove the PMI. In best cases, they agree without any hassle, and in worst cases, your PMI gets removed after an appraiser gets sent to your home to verify your home’s equity. At the end of it, you would be paying a lower monthly mortgage payment.

Conclusion

Web.com Reviews also suggests you look into other options like an interest-only mortgage where you pay your mortgage in two stages. At first, you pay off the interest, and then you pay the principal. If you can increase your payments after the phase of paying your interests, it works out in your favor.

  • Trending
  • Comments
  • Latest
Potential High Return Cryptocurrencies in 2021

Potential High Return Cryptocurrencies in 2021

October 25, 2021
How to Search, Share and Download Video TikTok

How to Search, Share and Download Video TikTok

April 25, 2022
5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

January 9, 2022
New Roof

How Long Will It Take To Install My New Roof

August 7, 2021
Top 5 Safety Tips for your Family Road Trip

Top 5 Safety Tips for your Family Road Trip

2
Discover How to Get More Facebook Fans in 3 Weeks

Discover How to Get More Facebook Fans in 3 Weeks

1
Blockchain for Social Good

Blockchain for Social Good: Transparency and Accountability is Key

1
What is TikTok? Lets find out more about the app of the moment

What is TikTok? Lets find out more about the app of the moment

0
Copywriter

Copy That!: The Importance of a Copywriter

May 24, 2022
How to earn money with PrimeX100?

How to earn money with PrimeX100?

May 24, 2022
A Remote Worker's Guide To Better Time Management

A Remote Worker’s Guide To Better Time Management

May 24, 2022
Understanding the Link Between Whole Body Vibration and Fat Loss

Best Exercises and Tricks to Burn Belly Fat Faster

May 24, 2022
Entrepreneurs Break

Entrepreneurs Break is mostly focus on Business, Entertainment, Lifestyle, Health, News, and many more articles.

Contact: [email protected]

Note: We are not related or affiliated with entrepreneur.com or any Entrepreneur media.

© 2022 - Entrepreneurs Break

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion

© 2022 - Entrepreneurs Break

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In