Lower Your Payment

A lower mortgage payment means more money for everything else 

            Want to explore your options?

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With my custom Mortgage Game Plan, the fast, innovative and completely online way to get the best mortgage refinance options, you can have piece of mind that you are getting the best rates and terms in the Maine market place today. 
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The Story

Low Mortgage Rates Make Lowering Your Payment Easier Than Ever
  • Why pay more than you have to? Don't miss out on the lowest rates in decades.

  • Changing the terms of your mortgage can minimize your monthly payment, and leave more money for you.

  • Check out my Maine Mortgage Calculator and see how a new rate and term can lower your monthly payment.

I regularly help Mainers lower their monthly mortgage payment by refinancing.  Contact me today and I'll help you too.
Why You Should Choose Me
  • You'll get a completely streamlined Mortgage Game Plan custom to you.  I help you every step of the way.

  • I'm available to answer your questions and help you understand the details so you get the right mortgage for you.

  • I'm an expert in the Maine Mortgage field.  I've been helping Mainers open the door since 2004.

  • I'm One Maine Mortgage Broker, with One Hundred programs.

Popular Loan Options That Help to Lower Your Monthly Payment*
  • FHA Loan - Refinance out of a high payment, or an adjustable rate mortgage with the fixed rate security of a government-insured FHA Loan.

  • 30-Year Fixed Loan - Looking for a more traditional loan option? Lock a great rate today with a 30-Year fixed rate.

  • VA Loan - Get a low rate and payment with a VA loan if you are a qualified veteran, active military, or a qualifying spouse. 

Frequently Asked Questions

How do you know if refinancing to a lower payment is worth it?

You want to answer two important questions: 

  1. How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our refinance calculator.  

  2. Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.  

Call me today or use my mortgage calculator to see if refinancing your home can help you lower your payment. 

What does refinancing mean? How can it get you a lower monthly payment?

Refinancing your home means taking on a new loan with different terms. To lower your monthly payment, you’ll need a loan that meets one or more of the following criteria: 

  1. A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.  

  2. Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.  

  3. Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease. 

What does equity mean? How can it help you lower your payment?

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

The more equity you have, the better interest rate you can get on your refinance, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Use my mortgage calculator to see if you have enough equity to get a lower monthly payment. 

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Travis Penny, Maine Mortgage Game Planner  

NMLS #1649161

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