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The Basics

Lowering Your Payment Is Now Easier Than Ever

  • By changing the terms of your mortgage loan you can help you maximize your monthly cash flow.

  • Use of Refinance Calculator tool to see how a refinance could save you money monthly and over the life of the loan.

Why You Should Choose Sunlite Mortgage

  • Our Mortgage Professionals are always available to answer questions and help to understand the important details of the mortgage process.

  • We are committed to ensuring that you are in the best mortgage option for your unique scenario.

  • You can manage the mortgage process online from start to finish which gives you much needed transparency throughout.

Popular Loan Options for Lowering Your Mortgage Payment

  • 30 Year Term - The most traditional route, allows for the low payments with long term security.

  • Adjustable Rate Mortgage -Secure the lowest rates and payments available and potentially save thousands over a traditional fixed rate mortgage. Great if you do not intend on living in the property forever.

Frequently Asked Questions

In order to gauge if a mortgage refinance is worth it, consider these two key questions:

  1. How much will I actually save? Most people are in a different financial positional than when they last financed their home. There may be several factors such as improved credit scores or higher property values that can help to lower your payment.

  2. Will the savings cover the costs? It is important to keep this question in mind when considering both initial refinance costs, as well as the potential cost of additional interest if stretching the loan term out longer.

Refinancing your mortgage loan means taking a new loan with different terms. In order to reduce your monthly payments, you’ll need a loan with at least one of the following factors.

  1. A lower Interest Rate - The lower your interest rate, the less you ultimately pay for your home. A lower rate also means a lower monthly payment.

  2. Getting Rid of Mortgage Default Insurance - When purchasing your home, if you put less than 20% down you will incur Mortgage Default Insurance. Once your home increases in value or if you have paid the balance down significantly, a refinance can help to remove this.

  3. A Longer-Term Loan - When refinancing to a longer-term mortgage loan, you stretch the amount that you owe over a longer time frame, while this does cause you to pay more interest, it may provide much needed savings on a monthly basis.

Home equity refers to the appraised value of your home less the amount that you still owe on your mortgage loan.

Not only does having enough equity save you on Mortgage Default Insurance, but you also typically see a better interest rate based on the additional equity you have established. Use our refinance calculator to see if you have enough equity to help lower your payment.

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