For instance, refinancing your home over another 30 - year loan can be attractive since it will result in substantially lower monthly payments, especially with a nicely negotiated new mortgage rate. (millennialmoney.com)
Your monthly payment depends on whether you choose a fixed - rate or adjustable - rate option for your new mortgage (bankofamerica.com)
Since ARMs are typically tied to an index, your new mortgage rate could be higher or lower than the previous one. (smartasset.com)