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You are here: Home > Real Estate > Mortgage Refinance > Home Mortgage Refinance Loan: How to Lower Your Monthly Mortgage Payment |
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Will You Add? - Home Mortgage Refinance Loan: How to Lower Your Monthly Mortgage Payment
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Mortgage interest rates are still at historically low levels and there are still homeowners out there paying nine percent or more for their mortgage loans. Qualifying for a lower mortgage interest rate allows you to lower your monthly payment amount without extending the term length. You pay less finance charges to the mortgage lender and more towards building equity in your home. Lower Your Payment By Extending the Term Length Term length is the amount of time you have to repay your home mortgage refinance loan. The most common mortgage term is thirty years. If you’re unable to qualify for a lower mortgage rate, choosing a term length of forty or even fifty years could help meet your financial needs. 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