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Lowering Mortgage Payments: How Refinancing with Hitch Can Help


Apr 30, 2023



Are you struggling to keep up with your mortgage payments or looking to reduce your monthly expenses? Refinancing your mortgage with Hitch may be a viable solution. By refinancing, you may be able to lower your interest rate, extend your loan term, or change from an adjustable to a fixed rate mortgage. Here's how refinancing with Hitch can help you lower your mortgage payments.

Lowering Interest Rates

One of the most common reasons homeowners refinance is to take advantage of lower interest rates. With a lower interest rate, your monthly mortgage payments decrease, providing significant savings over the life of the loan. Refinancing with Hitch allows you to compare rates from multiple lenders, ensuring that you get the best rate possible for your unique financial situation.

Extending Loan Term

Another way to lower your monthly mortgage payments is to extend the loan term. By stretching out the loan over a longer period, you can reduce your monthly payment amount. While this approach may result in paying more interest over the life of the loan, it can provide short-term relief for homeowners struggling to make ends meet.

Switching to Fixed-Rate Mortgages

If you currently have an adjustable-rate mortgage (ARM), refinancing to a fixed-rate mortgage may be a wise decision. With an ARM, your interest rate can fluctuate over time, making it difficult to budget for your mortgage payments. Refinancing to a fixed-rate mortgage provides stability and predictability in monthly payments, offering protection against rising interest rates.

Hitch's user-friendly platform and team of experts can help you find the right refinancing option to meet your needs. By analyzing your financial situation and goals, we can guide you through the refinancing process, helping you lower your mortgage payments and achieve greater financial security.

In conclusion, refinancing with Hitch can provide a variety of benefits for homeowners looking to lower their mortgage payments. Whether through lowering interest rates, extending loan terms, or switching to a fixed-rate mortgage, our platform and team can help you navigate the process and find the best option for your unique situation. Contact us today to learn more about refinancing with Hitch.

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Hitch, Inc. 23833672158 NW Toussaint Drive. Bend, Oregon 97703

1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.5. The content provided is presented for information purposes only. This is not a The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.