How To Lower Your Payment with Tampa Bay Home Mortgage

• You'll receive a complete online application process which includes less paperwork than most, and you are able to track the current status of your mortgage application.

• Our personal home loan experts are personal to you. Meaning we are available to answer your questions so that you are confident in your choices and that we get the right mortgage for you.

• After you have closed your loan, you are able to manage your mortgage online free of charge.

Great Options For Lowering Your Mortgage Payment* 

• FHA Loan – You have the ability to refinance out of a very high mortgage payment with the security of the fixed rate FHA loan. 

• 30-Year Loan – If you are looking for a more traditional loan option, lock in today with a 30-year fixed.

• Adjustable Rate Mortgage – You are able to recieve the lowest rate available with a 5 or 7 year ARM and possibly pay thousands less over a normal fixed rate mortgage. 

• VA Loan – Get a very low rate with the VA loan as long as you are a qualified veteran, military member, or partner. 

Frequently Asked Questions - Lowering Your Payment 

How do I know if refinancing to lower my payment is the right thing to do?

You want to answer two important questions: 

1. How much am I able to save? Many things have changed ever since you purchased your house, your home value, credit score, and rates. If either of these have changed positively, you should absolutely take a look into how much less your payment can be. 

2. Will the savings be enough for the costs? It is quite possible to add the costs in relation to obtaining a new mortgage into the total amount to get around paying anything out of pocket during closing. Keep in mind that refinancing in order to decrease your payment may cause you to end up in a longer loan term.     

In order to lower your monthly payment, you will have to obtain a loan that meets one or more of the following requirements: 

1. An Interest Rate That Is Lower – If your interest rate is high, you’ll have to pay more for your mortgage both now and in the future. A lower rate is equivalent to a lower payment if you don’t shorten the length of your mortgage term.

2. Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down, you are more than likely paying private mortgage insurance (PMI). If your property has gone up in value, you can refinance to cut out this costly monthly payment.

3. Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re extending the amount of money you owe over a stretched out period of time.

Why Choose Tampa Bay Home Mortgage

Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance to the person and their needs. Choose us today!