Is lowering my interest rate the same as lowering my mortgage payment?

They are different, but by lowering your interest rate, you will lower your monthly payment as long as you don't change the term (e.g. go from 30 year to 15 year). Note: With a lower loan amount, your monthly payment will lower more. There is no cost or obligation to explore your loan options me. Please give me a call: Mobile 541-510-0488 Randy Free - Mortgage Advisor, banker & broker - Flagstar Bank Member FDIC NMLS 283930 - 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401 - Direct Phone 541-984-5428 - rfree@flagstarretail.com

Usually, but not necessarily.... For example, you may have a 30-yr loan at 4.00%, and lower to a 15-yr at 3.00%, and your payment might go up. I lend in MN Wi IA SD and ND. I can be found at iMortgageJoe.com. NMLS274132