How to Get a Lower Mortgage Payment

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4 Ways to a Lower Mortgage Payment

There are several ways you can secure a lower monthly payment on your mortgage:

  • Choose a longer term
  • Have a larger down payment
  • Choose a lower-priced property
  • Secure a lower interest rate

How to Choose a Mortgage Lender

You have many options when it comes to choosing a mortgage lender. Banks, credit unions and online lenders all offer mortgages directly, while mortgage brokers and online search tools help you compare options from different lenders.

It’s important to make sure you feel comfortable with the broker or company you’re working with because you’ll need to communicate with them frequently during the application process—and in some cases, after the loan closes.

You may want to start with the banks or other institutions where you already have accounts, if you like their service. Also, ask your network of friends and family, and any real estate professionals you’re working with, for referrals.

source:ForbesAdvisor.com

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