{"id":145,"date":"2021-07-29T13:33:22","date_gmt":"2021-07-29T13:33:22","guid":{"rendered":"https:\/\/ebwmtg.com\/blog\/?p=145"},"modified":"2021-07-29T14:29:36","modified_gmt":"2021-07-29T14:29:36","slug":"do-mortgage-payments-decrease-through-time","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/do-mortgage-payments-decrease-through-time\/","title":{"rendered":"Do Mortgage Payments Decrease Through Time?"},"content":{"rendered":"\n<p>Most people are aware that mortgage payments can increase over time, but did you know payments can actually decrease? In this article, we\u2019ll explore a few ways how this can happen.<\/p>\n\n\n\n<p>Mortgage payments decrease on Adjustable-Rate Mortgages (ARMs). While not as common as the payment increasing with ARMs, your monthly payments can decrease based on the Associated Mortgage Index\u2019s movements. Depending on your lender, a built-in floor might prevent taking advantage of these decreases, however. If you hold on to your ARM through the initial fixed-rate period, you could end up with a lower rate if it becomes available.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED-1024x683.jpg\" alt=\"\" class=\"wp-image-147\" width=\"503\" height=\"335\" srcset=\"https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED-1024x683.jpg 1024w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED-300x200.jpg 300w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED-768x512.jpg 768w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED-1536x1025.jpg 1536w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/07\/EB-Mortgage-NS2-7-21-POSTED.jpg 1920w\" sizes=\"auto, (max-width: 503px) 100vw, 503px\" \/><\/figure><\/div>\n\n\n\n<p>Another option is to pay down your mortgage in time. If you make a large lump sum payment, your payments can decrease gradually. Ask your mortgage lender to re-cast your loan, which will re-amortize and couple it with your original loan term. If you skip this step, extra payments will not automatically lower future payments. Once your new, smaller balance is spread throughout the remaining months on your loan, your mortgage payment is adjusted lower to reflect that balance. However, your mortgage rate doesn\u2019t change.<\/p>\n\n\n\n<p>Refinancing your home to a lower rate is always an option to reduce your monthly mortgage payments. Rate and term refinances are one of the easiest \u2013 and most popular \u2013 ways to lower your mortgage payment with low effort. Refinancing doesn\u2019t necessarily mean you will get the lowest rate, though, especially if you don\u2019t plan on staying in the property long-term.<\/p>\n\n\n\n<p>Shop around for homeowners\u2019 insurance yearly, as it is generally included in your mortgage payment. If you can find a lower home insurance premium, your mortgage payment might decrease.<\/p>\n\n\n\n<p>If you feel as though your home is overvalued, you can also look into getting a tax reassessment. If property values have been on the decline, your home might have a lower valuation. Ask your county recorder\u2019s office for a reassessment if so.<\/p>\n\n\n\n<p>It\u2019s important to remember that mortgage payments are generally composed of Principal, Interest, Taxes, and Insurance, or PITI.<\/p>\n\n\n\n<p><strong>Want to learn more about lowering your mortgage payment? Contact the mortgage professionals at EB Wholesale Mortgage today.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/ebwmtg.com\/\">EB Mortgage<\/a> is a locally owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can\u2019t be beaten. We offer more products, more options, and more solutions. Our \u201c3C\u201d Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at <a href=\"tel:8662460516\">866-246-0516<\/a> or e-mail <a href=\"mailto:contact@ebwmtg.com\">contact@ebwmtg.com<\/a> today.<\/p>\n\n\n\n<p><em>Written by the digital marketing staff at Creative Programs &amp; Systems: <\/em><a href=\"http:\/\/www.cpsmi.com\"><em>www.cpsmi.com<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most people are aware that mortgage payments can increase over time, but did you know payments can actually decrease? In this article, we\u2019ll explore a few ways how this can happen. Mortgage payments decrease on Adjustable-Rate Mortgages (ARMs). While not as common as the payment increasing with ARMs, your monthly payments can decrease based on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-145","post","type-post","status-publish","format-standard","hentry","category-mortgages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do Mortgage Payments Decrease Through Time? - Blog | EB Mortgage<\/title>\n<meta name=\"description\" content=\"Do Mortgage Payments Decrease Through Time? - Check out our blog to learn the latest and greatest events regarding new home purchasing, refinancing, and commercial loans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ebwmtg.com\/blog\/do-mortgage-payments-decrease-through-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do Mortgage Payments Decrease Through Time? 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