Feeling totally crushed under your mortgage payments is for the birds. Changes in circumstance, such as a layoff, demotion, or some other unforeseen financial set back, can derail your budget, and luckily our SMC mortgage bankers understand that. Securing a lower payment can be done a number of ways.
Refinancing, particularly right now as interest rates are the lowest they’ve been in three years, may equate to lower monthly mortgage payments and could potentially save hundreds of dollars each month.
Be aware of when you acquire 20% equity in your home, your mortgage insurance, in most cases, should automatically drop from your payment - – thus lowering your payment. Talk to your mortgage servicer if you have questions about how MI is dropped from your payment once you’ve reached 20% equity in your home.
If you don’t have 20% equity in your home just yet and a a rate/term refinance doesn’t interest you, ask your SMC mortgage banker about switching to an ARM or fixed-rate mortgage.