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  3. Refinance a Home
  5. Lower Your Payment

Lower Your Payment

Save Money with a Home Refinance

Refinancing your mortgage is a great way to save money.

If you refinance to lower your monthly payment, you’ll be left with more money in your pocket to save for the future, create an emergency fund, pay off other creditors, or even make improvements or repairs to your home that could increase its value.

If you refinance to shorten your term, you may spend more money each month but save hundreds of thousands of dollars over the life of the loan.

If you refinance to tap into some of your home’s equity, you can meet short and long term financial goals without dipping into savings or running up credit cards with exorbitant interest rates.

No matter why you are refinancing, strategize your mortgage so that it works for you! After all, your home is likely to be one of your biggest investments. Why not use it to your advantage?

Most of our home refinance transactions close in 30 days or less—so you’ll be on your way to achieving your goals quickly. Won’t it be nice to have money in your pocket to do the things you want to do, instead of just the things you need to do?

Call a Mortgage Advisor to find out more. The possibilities may surprise you.

Home Refinance FAQs

How can I lower my monthly mortgage payment?
How can I lower other monthly payments by refinancing my mortgage?
How much can I save by refinancing?
How can I lower my monthly mortgage payment?

One of the most popular reasons to refinance is to lower your rate. Plus, if you’ve been making mortgage payments for a while and you have built up equity in your home since you bought it, you may be eligible to refinance and eliminate your mortgage insurance premium payments.

A decision to refinance should be carefully considered and discussed with an Ark Mortgage advisor. Any closing fees are normally added into the cost of the loan, so there’s rarely any upfront cost except for the appraisal. And if you originally financed your property through us, our Lifetime Guarantee ensures your application and commitment fees will be waived and your appraisal cost reimbursed—a savings of up to $2,500!

How can I lower other monthly payments by refinancing my mortgage?

If you’re paying high interest on revolving debt, such as credit cards, you may be in an endless downward financial spiral that is challenging your monthly cash flow. By refinancing and tapping into the equity in your home, you can pay off these revolving interest loans and reduce your overall monthly payments.

How much can I save by refinancing?

With this handy calculator, you can gauge your potential new monthly mortgage payment in seconds, and ensure you’ll have enough money left to cover the rest of your living expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home sooner than you thought possible. Note how much interest you’ll pay over the life of the loan, and then enter prepayment amounts to calculate their impact on your overall expenditure.

How much can I save by refinancing?

Calculate your potential new monthly mortgage payment in seconds with this handy calculator, so you can make sure that you have enough money left over each month for your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.

Enjoy Lower Mortgage Payments

Lower Your Rate

If interest rates drop below the note rate on your current mortgage you may be able to save thousands each year.

Eliminate Mortgage Insurance

Because property values are increasing, you may be eligible to remove the mortgage insurance premium (MIP).

Consolidate Debt

Lower your overall monthly payments by consolidating high credit debt using the equity in your home.

Lower Taxes

Unlike the interest on credit card and other revolving debt, the interest on your home loan is tax deductible.

Save For Life

Every mortgage from Ark comes with our Lifetime Guarantee, so you can refinance for any reason with no origination or appraisal fees.
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