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Is lowering my interest rate the same as lowering my mortgage payment?

by bescoto348 from Dallas, Oregon. Jun 15th 2020 Reply


Randy Free (rfree@opesadvisors.com)
#19 ranked lender in Oregon - 54 contributions

They are different, but by lowering your interest rate, you will lower your monthly payment as long as you don't change the term (e.g. go from 30 year to 15 year). Note: With a lower loan amount, your monthly payment will lower more. There is no cost or obligation to explore your loan options me. Please give me a call: Mobile 541-510-0488 Randy Free - Mortgage Advisor, banker & broker - Flagstar Bank Member FDIC NMLS 283930 - 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401 - Direct Phone 541-984-5428 - rfree@flagstarretail.com

Jun 15th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

Usually, but not necessarily.... For example, you may have a 30-yr loan at 4.00%, and lower to a 15-yr at 3.00%, and your payment might go up. I lend in MN Wi IA SD and ND. I can be found at iMortgageJoe.com. NMLS274132

Jun 15th 2020
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