Lower your payment
If you're looking to reduce your monthly mortgage payment, refinancing may be the way to go.
Give your monthly budget some breathing room
Refinance for a longer time frame
Spreading your loan out over a longer period can reduce your monthly payment. But keep in mind that you'll pay more in interest over the life of your loan.
Switch to an adjustable-rate mortgage (ARM)
An ARM offers a lower interest rate for a set period of time, which equals a lower monthly payment. If you plan to move in a few years, an ARM may be a good option. Rates may rise after the initial set period of time.
