Flagstar Bank tries to be screen-reader friendly. Please use the following links to skip to the desired section of the page.
Flagstar can help you decide if mortgage refinancing will lower your payments and save you money. We offer a wide variety of both conventional and government loans (FHA, VA, USDA) for you to choose from when looking for a low payment mortgage. Let us help you determine if refinancing makes sense for you.
There are a variety of reasons why you may want to lower your mortgage payment. Perhaps you have an adjustable rate mortgage, and the rates are expected to go up. Or, maybe interest rates have dropped since you took out your mortgage and you want to take advantage of these lower rates. Whatever the reason, Flagstar has a variety of mortgage refinancing options and low payment mortgages specifically designed to refinance home loans and meet your needs.
There are several ways to lower your mortgage payments through Flagstar. If you currently have an adjustable rate mortgage, you may opt to refinance your home loan to get a more stable fixed-rate loan or vice versa.
You also may also choose an interest-only mortgage, in which you only make payments on the interest for a defined period of time. When this period expires, future payments will include principal and interest. This type of loan is best suited for people with an unpredictable salary, such as young professionals. It is important to remember that you are not building equity with this type of low- payment home loan. By not paying down the principal, it may end up costing you more in the future.
To learn about mortgage refinancing and how to lower your mortgage payments, contact a Flagstar Bank advisor at (855) 372-5626 or visit your local branch.