Is your mortgage payment higher than you'd like? With rising living costs, many homeowners are feeling the squeeze. But there's good news! There are options available to help reduce your monthly mortgage payments, and in this episode of Real Value, real estate expert David Shelton sat down with Jenny Butoric from 21st Century Lending to break down these solutions.

VA IRRRL: A Streamlined Refinance Option for Veterans

For veterans, the VA IRRRL (Interest Rate Reduction Refinance Loan) is one of the best options to reduce mortgage payments without the hassle of a new appraisal or out-of-pocket costs. This streamlined process allows veterans to take advantage of lower interest rates with minimal paperwork and no need to requalify.

FHA Streamline: Refinancing Without the Hassle

If you have an FHA loan, you might remember that your mortgage insurance drops off once your loan balance reaches 80% of the home's value. But did you know you can also lower your payments through an FHA Streamline refinance? This option allows you to refinance at a lower interest rate, often with reduced closing costs, making it a great time to take action if rates have dropped.

Reducing PMI: More Savings for Conventional Loans

For those with conventional financing, reducing or eliminating PMI (Private Mortgage Insurance) can significantly reduce your monthly payment. Whether through a refinance or by hitting that magic 80% loan-to-value ratio, this is a smart move that can lead to big savings over time.

The Bottom Line

With interest rates fluctuating and financial circumstances changing, it’s important to explore your options. Whether it's a VA IRRRL, FHA Streamline, or a conventional refinance to reduce PMI, there are real ways to lower your monthly payments and create financial breathing room. At 21st Century Lending, Jenny Butoric and her team specialize in finding the right solution for your unique situation.