How to Lower Your Interest Rate and Save Money on Your Mortgage

Hi! I'm Michelle Killmon. I am a mortgage broker in the Denver Metro Area of Colorado. I create informational videos to help people understand mortgages better.

If you bought a home in the last few years using a FHA or VA loan, this video is for you. I discuss streamline refinance, which can save you money on your mortgage every month. Learn what a streamline refinance is, how it can help you, and what the criteria is to qualify.

Hello. Michelle Killmon, Your Dependable Lender for residential mortgages. Today, we're going to talk about how to lower your interest rate and save money on your mortgage payment. This is really geared toward people who are in a FHA or a VA loan currently and they are at an interest rate of 6.5% or above and they are wishing to save some money on their monthly payment. I'm with Pink Home Loans and at Pink Home Loans, we recently lowered our compensation to help with the origination costs of refinances and so, that will be cheaper for you to go through us. Also, through September 3rd, I have a great pricing incentive with one of the lenders that we work with that will go towards lowering the interest rate for these types of loans as well. It will be a lender credit to pay for a permanent interest rate buy down, which is amazing! First, I want to explain, "What is a streamline refinance?" because that is what this is talking about. So, a streamline refinance is a refinance that happens when you're changing just the interest rate or the term of a loan. In this case, we'd be adjusting the interest rate to help save you some money every month. It does not include a cash out refinance. That is something totally different. So, we're not going to pay off debt, we're not putting money in your pocket, none of those things are happening. We are just giving you a better interest rate so you can save money on that monthly payment all the time. Some people who may be interested in this - obviously people who want to lower their interest rate and save money monthly, somebody who is maybe in an adjustable rate mortgage and wants to move into a fixed rate mortgage, this could be a good option for you, if that ARM is getting ready to adjust. We can also do a credit and non-credit qualifying options. So, if you're someone that doesn't want credit or assets verification to happen, this could be an option for you. Maybe somebody who is getting divorced or maybe somebody who just changed their job recently and they don't want to do that employment and income verification portion of it, we can see if we can do it without doing that verification. For both the FHA and the VA version of this loan, there are no appraisals needed. So, that is not a cost that you will have to come up with out of pocket. You don't need that to do these. For the FHA streamline, you do need a 580 FICO score, if we do the credit qualifying option. That's just something I wanted to share in case. 6 months of your payment of your current mortgage must have already been made. For the VA interest rate reduction refinance, it actually needs to be 210 days past since the first payment was due and again 6 payments have to be made as well. If you are in Colorado and you have these types of loans and you are interested to see if you can save some money on your monthly payment, please reach out to me and let's make it happen!

Michelle Killmon NMLS ID# 2288247 | Branch NMLS ID# 2269324 | Pink Home Loans | www.nmlsconsumeraccess.org | Equal Housing Lender #yourdependablelender #michelledoesmortgages #coloradomortgagebroker #brokersarebetter #streamlinerefinance #coloradolender #getbetterinterest rate #coloradoloanofficer #lendingincolorado #homeloans #mortgage #mortgagebroker #coloradorealestate #realestatelender #realestatelending #homeinvesting #homebuying #homerefinance #denvermetroarea #denvermortgage #thorntonmortgage #eriemortgage #superiormortgage #northglennmortgage #broomfieldmortgage #fharefinance #varefinance #frederickmortgage #firestonemortgage #daconomortgage #fhaloans #valoans #meadmortgage #westminstermortgage #auroramortgage #varatereduction #lowermortgagepayment #arvadamortgage #parkermortgage #bouldermortgage #lovelandmortgage #fortcollinsmortgage #longmontmortgage