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how to lower your monthly payment

  • credit score

    Paying off debt and avoiding opening new lines of credit will raise your score. A better credit score will give you a better interest rate.

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  • down payment

    The larger your down payment on your purchase, the lower your overall loan will be. This may also decrease your interest rate and monthly payments.

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  • more than the minimum

    Sending more than the minimum required payment each month will lower your principal faster and will reduce the overall amount you will eventually have to pay.

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  • loan term

    Increasing the number of months for your mortgage will decrease the minimum payments per month, although longer loan terms means more interest will be added over time.

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  • private mortgage ins.

    If you are financially able to put at least 20% of a home’s price toward your down payment, you can avoid paying PMI, which will add thousands extra to your payments each year.

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  • paying PMI at purchase

    For some people, paying 20% does not make sense but they still don’t want the inconvenient PMI. So they may only put 10% down and pay several thousand upfront for PMI, drastically reducing the overall PMI they would have had to pay over time otherwise.

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  • rent out a room

    Renting a room for even a few hundred dollars each month can go directly to your mortgage payments.

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  • bi-weekly payments

    Paying half your mortgage payments every two weeks will lower your interest over time. Ask your lender about this option before getting your mortgage and you could save thousands over the life of your loan.

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  • mortgage points

    When you first purchase your home, ask your lender about purchasing interest points by putting down cash at purchase that immediately pays off part of your interest and could lead to significant savings.

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financial FAQs

It can’t hurt to try. You can still get an FHA loan with a score between 500-600, as long as you put down a bigger down payment. Talking with a knowledgeable real estate agent or lender and having them advise you on your individual situation is often the best option.
A preapproval letter is a letter from your lender that shows how high of a loan they are willing to give you to buy a home. Sellers want to see this so they know you can actually pay for the amount you are offering. To get a preapproval letter, you will need to provide your lender with some basic financial information.
It depends on the type of loan you qualify for. With certain programs, like FHA loans, you can put as little as 3.5% down for a home. If you have served in the military, you may be eligible for getting into a home with zero down. Getting a conventional loan may require as much as 20% down, but this comes with the benefit of not having to pay private mortgage insurance.
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