Any reduction in rate at the same term and principal amount can lower your monthly payment. Your REMN Loan Originator can provide you with fees and closing cost estimates and help you weigh the pros and cons of a mortgage refinance. However, there are a few ways a refinance can lower your monthly payment:

• Refinance at a lower rate. As long as the loan term remains the same (30 years, for example), your monthly payment will decrease.

• Change the term of your loan. Refinancing a 15 year mortgage to a 30 year results in a lower monthly payment because your payments are spread over a longer period of time. However, you will pay more in interest during that longer term. If your goal is spending less money overall, you may want to shorten a 30 year mortgage to 20 or 15 years. The monthly payments will be higher, but you will pay less interest over the life of the loan.

• Refinance to an interest only loan. Your minimum monthly payment is the amount of interest you owe for a certain period of time. You can pay off as much principal as you like above that amount each month.