813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
Home / Blog / Mortgages / Lower Your Monthly Mortgage Payment and Put More Cash in Your Pockets

Lower Your Monthly Mortgage Payment and Put More Cash in Your Pockets

July 12, 2014 By Mary Catchur

Lower Your Monthly Mortgage Payment and Put More Cash in Your Pockets
Photo Credit: 401(K) 2012/Flickr/CC.

One of the quickest and easiest ways to put cash in your pocket is to cut your expenses by lowering the cost of your monthly mortgage.

Here are some ways you can decrease, or even eliminate, your monthly mortgage payment.

Refinance Your Mortgage

Recent studies have shown that nearly half of all homeowners have not refinanced to take advantage of lower mortgage rates. This means that almost half of all homeowners can put more cash in their pockets by refinancing.

If you have not refinanced in recent years, you may be able to save a few thousand dollars every year by refinancing.

  • Refinance To Save On Your Monthly Mortgage
  • Would You Like More Discretionary Income? Refinancing Your Mortgage Could Be The Answer.
  • Wall Street Journal: Refinance Soon If You’re Thinking About It
  • Should I Refinance My Home?
  • What does it cost to refinance? What are the benefits?

Cut Your Mortgage Insurance Expense

Mortgage Insurance can cost you a few hundred dollars a month, especially if you have an FHA mortgage. So, if you eliminate the mortgage insurance from your monthly mortgage payment, you can save hundreds of dollars each month.

You may need to refinance to eliminate the mortgage insurance from your home loan, depending on a number of factors.

If you are buying a home or refinance your mortgage, you can possibly eliminate or reduce the PMI from your mortgage:

  • 4 Ways to Cut PMI Out of Your Monthly Mortgage Payment

If you have not owned a home in 3 years, you may be eligible for a new FHA program set to launch October 1, 2014, which could reduce your mortgage insurance premium (MIP):

  • New FHA HAWK Program: Borrowers Earn Significant MIP Reductions (article)
  • Lower Mortgage Payments With The FHA HAWK Program (video)

Cash-Out Refinancing

If you need an immediate infusion of cash, one way to get cash out of your home is with cash-our refinancing. This is where you refinance your home and borrow more than you owe on your mortgage. Then after the mortgage and loan costs are paid, you receive the extra cash.

Learn more about the FHA Cash-Out Refinancing program with this video and article:

  • FHA Refinance | FHA Streamline Refinance, FHA Cash-Out Refinance (article)
  • FHA Streamline Refinance and FHA Cash-Out Refinance (video)

Reverse Mortgage

A reverse mortgage allows you to turn your home equity into cash, and can be a perfect solution for individuals who are 62 or older. Homeowners typically defer payment of the loan until they die, sell, or move out of the home, but other payment options are available.

The cash from a reverse mortgage can be used to pay off an existing mortgage, eliminating the home owners monthly mortgage expense, and/or the homeowner can receive cash.

Learn more about reverse mortgages:

  • How Does a Reverse Mortgage Work?
  • 3 Benefits of a Reverse Mortgage

Marimark Mortgage

There are so many options for reducing your monthly mortgage payment, it’s very difficult for a homeowner to figure it out alone.

As a mortgage broker, we will show you the options available to you. Then when you are ready, we can help you make the mortgage changes resulting in lowering or eliminating your monthly mortgage payment.

When you get ready to make a change with your mortgage, please contact us to get started. We love helping people save money on their monthly mortgage.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

Filed Under: Mortgages Tagged With: Cash, Mortgage, Save Money

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!

    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • FHA Announced a 30-Basis Point Reduction to Annual Mortgage Insurance Premiums
    • How Can You Improve Your Credit Score?
    • Historical Mortgage Rates From The 1970s
    • What You Need to Know About Mortgage Forbearance
    • Top Tips to Save Money for a Down Payment

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.