Lower Monthly Mortgage Payment
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- 5-Star Rated Mortgage Broker
- Refinance & Lower Your Monthly Payments
- Extend Your Loan Term for More Flexibility
- Residential and Commercial Loan Solutions
- Based in Los Angeles – Serving All of California
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
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Summary
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How to Reduce Monthly Mortgage Payments
You’ve settled into your California home, made improvements, and built a future for your family. The good news? Lowering your mortgage payment is possible and can be done in several ways.
Reduce Your Mortgage Payment with Refinancing
Refinance Your Home Loan
Refinancing your home loan is one of the most effective ways to lower your monthly mortgage payment. You can significantly reduce your monthly costs by replacing your current loan with one that offers better terms, like a lower rate or longer term.
Before refinancing, consider:
Loan Term
Extending your loan term lowers payments but increases overall interest costs.
Credit Score
A higher score improves your chances of securing a lower rate.
Home Equity
Having at least 20% equity can help you qualify for better loan terms.
Extend Your Repayment Term
If you need immediate relief, extending your mortgage term or switching from an ARM to a fixed-rate mortgage can spread out payments over a longer period and stabilize your monthly amount due.
Eliminate Private Mortgage Insurance (PMI)
If you put down less than 20% when purchasing your home, you’re likely paying PMI, which protects the lender but adds to your costs. You can remove it by:
✔ Reach 80% Loan-to-Value (LTV): Once your loan balance is 80% or less of your home’s original value, you can request PMI removal or explore conventional loan options that don’t require PMI.
✔ Strong Payment History: Make consistent, on-time mortgage payments.
✔ No Additional Liens: You shouldn’t have a second mortgage or home equity loan.
✔ Increase Home Value: Home improvements and market appreciation can help you reach the required LTV faster.
Home Loan Refinancing Process
4 Easy Steps to Lower Your Mortgage Payments
Step 1 - Pre-Qualification
Start with a free consultation to discuss your financial goals and explore flexible loan options in California suited to your situation. We’ll assess your situation and determine which refinancing option is best for you.
What we’ll do:
✔ Review your current mortgage terms
✔ Check your credit score & financial standing
✔ Discuss loan types that fit your needs
Step 2 - Start Your Loan Program – We Shop, You Choose
Once we determine your best options, we compare multiple lenders to find the most competitive interest rates and loan terms.
What happens next:
✔ Submit your loan application
✔ Provide necessary documents (pay stubs, tax returns, home appraisal, etc.)
✔ Our team handles all communication with lenders, making the process seamless for you
Step 3 - Lock in Your Interest Rate & Loan Approval
Once we find the best rate, we lock it in with the lender. Your new loan takes effect.
During this stage:
✔ The lender will review your financials and property details
✔ Your loan goes through underwriting for final approval
✔ If needed, we coordinate a home appraisal to confirm your property value. Borrowers with strong equity may also qualify for a no-closing-cost loan to further reduce upfront expenses.
Step 4 - Closing – Finalize Your Refinance & Start Saving!
Once approved, you’ll review and sign your final loan documents. Your new mortgage terms take effect, and you’ll start seeing the savings immediately!
At closing:
✔ You’ll sign the final paperwork
✔ Your old loan is paid off, and the new loan takes effect
✔ You’ll receive any cash-out funds (if applicable)
Apply for a Mortgage Refinance Program
Refinancing your mortgage can lead to significant savings, even a 1% reduction in your interest rate can save you tens of thousands of dollars over the life of your loan. Plus, lower interest means smaller monthly payments, keeping more money in your pocket.
If you’ve been making on-time mortgage payments, your chances of approval for refinancing are even stronger.
Have Questions? Reach us out.
In-Person at LA Office
1810 W Burbank Blvd #150, Burbank, CA 91506
Cell-phone
M-F 10 AM-5 PM (PST)
On-line
Simply e-mail or use online-chat
Lower Your Mortgage Payment in California FAQ
How can I lower my monthly mortgage payment?
There are several ways to reduce your monthly mortgage payment:
- Refinance to a lower interest rate: Securing a lower interest rate can significantly reduce your monthly payment.
- Extend your loan term: Extending your loan term from 15 to 30 years, for example, can lower your monthly payments, though you’ll pay more interest over the life of the loan.
- Eliminate private mortgage insurance (PMI): If you’ve built up at least 20% equity in your home, you may be able to cancel PMI, reducing your monthly payment.
Can refinancing my mortgage help reduce my payments?
The answer is simply yes, refinancing can lower your monthly payments if you qualify for a lower interest rate or you are able to extend the loan term. For instance, if you refinance a 30-year mortgage at 5 percent to a new 30-year mortgage at 3.5 percent, your monthly payment will decrease considerably.
What is the impact of extending my loan term on my payments and overall interest?
Extending the loan term automatically makes your payments smaller because the repayment requirement is spread over more time.
How does removing PMI lower my mortgage payment?
In most cases, you’d need to pay PMI if your down payment was less than 20%. When the equity in your home reaches 20%, you may request to take off PMI. This reduces your monthly costs significantly.
What role does property tax reassessment play in lowering my mortgage payment?
Your property taxes are part of your monthly mortgage payment. Appealing for a lower assessment can reduce taxes and your payment
Can modifying my loan terms lower my mortgage payment?
A loan modification program lets lenders adjust terms such as rate, term, or missed payments to make them more affordable
How does paying down the principal balance affect my mortgage payment?
Paying additional money toward your principal can help lower your loan balance, possibly letting you refinance into a lower interest rate or shorter term.
What should I consider before attempting to lower my mortgage payment?
Consider the following:
- Closing costs: Refinancing and loan modifications generally entail closing costs, which a homeowner should balance against the savings he or she would realize.
- Long-term financial goals: Extending your loan term will lower your required monthly payments, but you’ll pay more in total interest on your loan.
- Credit impact: Your credit score should be good enough to guarantee you the most competitive refinancing rates.
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