Lower Your Interest Rate
If getting the lowest rate available is what you are interested in, an adjustable rate mortgage (ARM) may be the ideal solution. ARM interest rates are typically lower than their fixed interest rate counterparts due to the interest rate possibly increasing after the fixed-rate period is over. Most clients either move or refinance every 5 to 10 years, which allows you to take advantage of the low interest rates available now without overpaying for a fixed interest rate that may no longer be the best option down the road.
Change Your Mortgage Term
If having the lowest possible payment without the need to quickly payoff the loan is what you are looking for, then lengthening your mortgage term may be the right option. Increasing the amount of time you have left to repay the loan, makes future payments smaller.