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Types of refinance mortgage loans that lower your payments

This article will tell you about the types of refinance mortgage loans that can give you lower mortgage-payments than you have right now.

Choose a type of refinance mortgage loan to read about:

• Adjustable rate refinance mortgage loan
• Short term refinance mortgage loan
• 30-35 yr amortization refinance mortgage loan
• interest only refinance mortgage loan
• Combo of all of the above

Adjustable rate refinance mortgage loan

This type of refinance loan can lower your payments by giving you the lowest mortgage-rate out there. No, it's not the lowest cause The Mortgage Store Online "offers the lowest rate ever" or anything bogus like that.

Actually, the adjustable rate from any mortgage brokerage is the same. Yup, the same. The adjustable rate is always 3/4% below the prime rate of the economy. But fixed rates are always either equal to, or higher than the prime rate of the economy.

So when your refinance your home with a adjustable rate mortgage loan - your rate will be the lowest it can be, and therefore your payments will be the lowest they can be.

Refinance your home now: apply online for your mortgage!

Short term refinance mortgage loan

If you get the short term refinance mortgage loan - you'll get a lower rate than you would with a refinance loan that has a longer term.

What's a good short term to get when you refinance? Either one year, 3 years or five years. And yes, a one year term will give you a lower rate than a 3 year term. And following the same logic, a 3 year term will give you a lower rate than a 5 year term length. But a five year term length is still considered short, and gives you a darn low rate in it's own right.

Anyway, when you refinance with a short term mortgage loan - your rate will be lower than with a long term loan, and therefore your payments will be lower than with a long term loan.

Apply for a refinance mortgage loan now!

30-35 year amortization refinance mortgage loan

Refinance with a 30-35 year amortization loan - and get your mortgage payments slaughtered.

A longer amortization means that you have longer to completely pay-off your mortgage. And 30-35 year amortizations are as long as they come.

So by getting say, a 35 year amortization refinance loan, you'll get to make smaller mortgage payments than you would on a 25 year amortization refinance loan.

So when you're getting a refinance loan - to get low payments have your amortization go long: reaaaal long!

Get a home refinance loan: just fill out the mortgage application!

Interest Only payment mortgage loan

If you get an interest only payment refinance mortgage loan (especially if you don't have one right now) your mortgage payments can drop drastically.

When you get an interest only payment loan - you only have to pay interest on your mortgage loan each time you make a payment. What's interest? Interest is the percentage you're charged on the amount of mortgage-money you borrowed from your mortgage lender. Say it's 5% - so each year you're charged 5% on the mortgage-amount you haven't paid back yet.

By having an interest-only refinance loan - you'll only have to pay that 5% you're charged on your mortgage-amount in 12 small pieces: one payment a month. With a regular payment mortgage loan, you'd have to pay interest each month and pay back a chunk of your mortgage-amount each month as well.

So refinance with an interest only loan - to get super-low mortgage payments.

Apply for a refinance mortgage now! Fill out the home mortgage application.

Combo of all of the above

Although it's not always possible, depending on your refinance situation, you could get divinely low rates by getting this type of refinance mortgage loan "combo:"

With this type of refinance mortgage loan, you would have a rate that's always a 3/4% below the economy's prime rate (so the lowest rate out there). And you'd have a term of 1-5 years in length. And you wouldn't pay-off your refinance mortgage-loan before 35 years. And you'd only be paying interest on your loan for however long your term length is.

Get a refinance loan today! Just fill out the home mortgage application.

Find out more information about home refinance mortgage loans, by contacting The Mortgage Store Online's brokers. Just use the refinance contact form or call them at 1-866-880-2577.

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