How To Lower Your Mortgage Payment
Buy down the rate
This will require some cash, so it’s not a good choice for those looking for free ways to lower their rate. However, if you do have the cash to spare, the overall savings can be well worth it. The exact price of points may vary, but spending between $2,000 and $4,000 might mean a rate drop of nearly a full percentage. Over the course of a 30-year mortgage, that can save you tens of thousands of dollars – over 100K in some cases.