ADJUSTING YOUR PAYMENT OR TERM

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adjustable rate mortgage
Adjust the payment or term of your current loan to reduce the interest rate, eliminate PMI or lower the monthly payment. Unlike an Equity Cash-Out or Debt Consolidation, no new money is advanced on the loan. By either lowering your current interest rate, eliminating PMI or adjusting the term, you’ll be able to lower your monthly payment.

Each homeowner has different reasons for adjusting the payment or term of their current loan. By shortening the term, you’ll be able to pay off your home faster and avoid additional interest charges. If your focused on reducing your monthly mortgage payment, a longer term might be a better choice.

If interest rates have dropped significantly since you originally got your home loan, you’ll be able to save money on your monthly payments. This can result in significant savings in the overall amount of interest paid over the term of your loan. If your credit has improved substantially, you may be able to find more favorable terms. For many homeowners, interest rates are low compared to their current loans. This loan program is beneficial for homeowners who want to have their home loan paid off before a certain date. Generally, it’s best to consider how long you plan on living in your home before adjusting either the payment or term.

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