| Why Do You Want to Lower Your Payment Now? |
Payments and Planning
Refinancing to Lower Payment
Things to Consider
Obtaining the lowest payment
possible can be a valid
financial strategy. Consider the
following when looking at lower
payment loan options:
1. What will I do with the extra
money saved each month?
2. How long will I need the
extra money?
3. What's my plan for repaying
it?
4. What's my backup plan for
repaying it? Homeowners who
count on increasing home
values to help them pay off the
loan need a backup strategy.
possible can be a valid
financial strategy. Consider the
following when looking at lower
payment loan options:
1. What will I do with the extra
money saved each month?
2. How long will I need the
extra money?
3. What's my plan for repaying
it?
4. What's my backup plan for
repaying it? Homeowners who
count on increasing home
values to help them pay off the
loan need a backup strategy.
Financial Setback
Causes like loss of income, medical emergency, current house
payment has increased and is too high to make.
Causes like loss of income, medical emergency, current house
payment has increased and is too high to make.
Investment Opportunity
Channeling monthly savings to an investment might be a smart
move. Check with a financial professional if you're not sure.
Channeling monthly savings to an investment might be a smart
move. Check with a financial professional if you're not sure.
Expecting a Windfall
Make a lower payment in anticipation of a large sum: for example,
an inheritance, legal settlement, or proceeds from a sale.
Make a lower payment in anticipation of a large sum: for example,
an inheritance, legal settlement, or proceeds from a sale.
Expecting a Significant Income Increase
You just completed medical school, or your last child is graduating
college next year. Pay less now, more later when it's easier.
You just completed medical school, or your last child is graduating
college next year. Pay less now, more later when it's easier.
Income is Sporadic or Seasonal
You make enough to pay your mortgage; it just comes in at odd
times. Sometimes the regular payment is too high.
You make enough to pay your mortgage; it just comes in at odd
times. Sometimes the regular payment is too high.
Too Much Debt - Mortgage, Cars, and Credit
Your finances might need an overhaul, and restructuring your
mortgage could be the key to solvency.
Your finances might need an overhaul, and restructuring your
mortgage could be the key to solvency.
Unable to Sell House and Need to Move
If you're going to have to rent your home out for a while, lowering
your payment to maximize rental cash flow may be necessary.
If you're going to have to rent your home out for a while, lowering
your payment to maximize rental cash flow may be necessary.