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With Rocket Mortgage® by Quicken Loans, our fast, powerful and completely online way to get a mortgage, you can adjust your mortgage options to find the lowest payment possible.

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The Basics

Lowering Your Payment Is Easier Than Ever

  • Changing the terms of your mortgage can maximize your monthly income.
  • Check out our Refinance Calculator to see how a new rate and term could lower your monthly mortgage payment. Or learn how refinancing with PMI Advantage can save you money and taxes.

Every day, we help our clients lower their monthly mortgage payment by refinancing. Contact us today and we’ll help you, too.

Why You Should Choose Quicken Loans

  • You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
  • Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
  • After you close your loan, you can manage your mortgage online without any hidden fees.
  • We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.

Popular Loan Options for Lowering Your Mortgage Payment*

  • FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
  • 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
  • Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
  • VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!

*By refinancing your existing loan, the total finance charges may be higher over the life of the loan

Frequently Asked Questions

How do I know if refinancing to lower my payment is worth it?

You want to answer two important questions:

  1. How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our refinance calculator.
  2. Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.

Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you lower your payment.

What does refinancing mean? How can it get me a lower monthly payment?

Refinancing your home means taking on a new loan with different terms. To lower your monthly payment, you’ll need a loan that meets one or more of the following criteria:

  1. A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.

  2. Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.

  3. Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.

What is equity? How can it help me lower my payment?

Home equity refers to the appraised value of your home minus the amount you still owe on your loan.

The more equity you have, the better interest rate you can get on your refinance, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Use our refinance calculator to see if you have enough equity to get a lower monthly payment.

Client will receive a closing credit of $1,000 on their Closing Disclosure if they receive a Verified Approval Letter and lock their rate within 90 days or lock their rate during the promotional period on a new purchase loan with a 30-year product. Offer valid between 12:01 a.m. ET on November 29, 2021, and 11:59 p.m. ET on December 1st, 2021. Offer valid on team member referral loans. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Offer does not apply to new loans submitted to Rocket Mortgage through a mortgage broker, non-agency jumbo loans, Charles Schwab loans, portfolio loans or Rocket Pro Realtor loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer may not be redeemed for cash or credit, and no change will be given if the discount amount exceeds costs otherwise due. Offer is nontransferable. This is not a commitment to lend. Additional restrictions/conditions may apply. Offer not valid with any additional discounts or promotions, except for HLBP and Rocket Pro Originate and Relocation offers.

Client will receive 0.5 points off current pricing on a refinance with a 30-year product (includes conventional, FHA and VA products; excludes non-agency products). A point is equal to 1% of the loan amount. This offer is only available to clients who lock their interest rate while completing the application process between November 29, 2021, at 12:01 a.m. ET and December 1st, 2021, at 11:59 p.m. ET. This offer cannot be retroactively applied to previously closed loans or previously locked loans. Offer does not apply to new loans submitted through a mortgage broker, non-agency jumbo loans, Charles Schwab loans, portfolio loans or Rocket Pro Realtor loans. Offer valid on team member referral loans. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Offer is nontransferable. This is not a commitment to lend. Additional restrictions/conditions may apply. Offer not valid with any additional discounts or promotions, except for HLBP and Rocket Pro Originate offers.

§Closing cost savings based on Rocket Mortgage average refinance loan size of $243,467 and closing costs of $6,071. 20% savings for this example is based on 0.5% credit on refinance costs in relation to average refinance closing costs. Closing costs include all applicable fees and points. Costs exclude standard prepaid charges, prorations and escrow. Savings may vary. Data compiled as of November 18, 2021.

||Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, debt, property, insurance and appraisal as well as a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close, you will receive $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. This offer is not valid for self-employed clients. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.