{"id":195,"date":"2023-03-21T11:31:53","date_gmt":"2023-03-21T11:31:53","guid":{"rendered":"https:\/\/www.privamortgage.com\/blog\/?p=195"},"modified":"2023-03-21T11:33:48","modified_gmt":"2023-03-21T11:33:48","slug":"how-to-lower-your-mortgage-payment","status":"publish","type":"post","link":"https:\/\/www.privamortgage.com\/blog\/how-to-lower-your-mortgage-payment\/","title":{"rendered":"How to Lower your Mortgage Payment\u00a0"},"content":{"rendered":"<p><span data-contrast=\"auto\">If your mortgage payment is too high, you may wonder how to lower it. Fortunately, there are many ways. The most common is to refinance your mortgage, but there are other methods to use to decrease your mortgage payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The key is to look at the big picture, know what you can afford, and determine how to best refinance your mortgage to save money monthly and over the life of the loan. Most borrowers have many options, including an FHA or conventional loan, including fixed and adjustable-rate loans.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>9 Ways to Lower Your Mortgage Payment<\/h2>\n<h3><b><span data-contrast=\"none\">1. Refinance your Mortgage<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">The easiest way to lower your mortgage payment is to refinance your mortgage. If you can time it to get a lower interest rate than you currently have, your payment will decrease.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Also, if you\u2019ve paid on your mortgage for a while, you\u2019ll have less money to finance, decreasing your payment even further. The combination of less principal and a lower interest rate will likely result in a lower mortgage payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The key when refinancing is to get the most affordable terms. Consider the following:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Find the lowest interest rate that you qualify for to keep your interest charges low<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Avoid paying points unless necessary<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shop around for the lowest closing costs<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Consider the shortest loan term you can afford to keep your interest costs to a minimum<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-ccp-props=\"{}\">\u00a02. <\/span><b><span data-contrast=\"none\">Eliminate PMI<\/span><\/b><\/h3>\n<p><span data-contrast=\"auto\">If you pay PMI on your mortgage but can eliminate it, your mortgage payment will decrease.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">There are two ways to eliminate PMI:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Refinance your mortgage \u2013 If you have an FHA loan, you can\u2019t eliminate mortgage insurance, but you can refinance into a conventional loan if you qualify. If you owe less than 80% of the home\u2019s value, you won\u2019t pay PMI on the new loan, causing your mortgage payment to fall.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Remove PMI \u2013 If you have a conventional mortgage and owe less than 80% of the home\u2019s original value, you can request that your lender cancel your PMI. As a result, you don\u2019t have to refinance and can easily lower your mortgage payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-ccp-props=\"{}\">\u00a03. <\/span><b><span data-contrast=\"none\">Refinance to an Adjustable Rate Loan<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If you have a fixed-rate loan but need a lower mortgage payment, you can refinance into an ARM. Adjustable rate loans have lower interest rates initially, usually for 3 \u2013 5 years, depending on the mortgage. They then adjust annually.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">During the introductory period, you can enjoy a lower interest rate and then decide how to proceed when the introductory period ends, either keeping the loan or refinancing again.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\">\u00a04. <\/span><b><span data-contrast=\"none\">Lengthen the Loan\u2019s Term<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">You may consider extending the loan term if you struggle to make your mortgage payments. When you extend the term, your payment automatically decreases because you have more time to repay the principal.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">However, there is a downside to consider. When you lengthen the term, you pay more interest because it takes longer to repay the loan. Before deciding if this is the right choice, be sure to look at the loan\u2019s total cost over the loan term.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\">\u00a05. <\/span><b><span data-contrast=\"none\">Dispute your Property Tax Bill<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Some areas allow you to dispute your property tax bill if you don\u2019t think you were charged appropriately. This step requires some research to determine how or why the county reassessed your home incorrectly, but if you win, you could decrease your property tax costs and lower your mortgage payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\">\u00a06. <\/span><b><span data-contrast=\"none\">Get New Homeowner\u2019s Insurance<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Your mortgage company requires homeowner\u2019s insurance for as long as you have an outstanding balance, but you can look for cheaper insurance each year as long as you don\u2019t have a coverage gap.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Since most insurance companies offer the lowest rates to new clients, you may save money on your mortgage payment by getting new insurance. Consider shopping for new insurance every year or a couple of years to keep reducing your mortgage payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">7. Consider a Loan Modification<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">If you can\u2019t qualify to refinance your mortgage, but need a lower payment, consider applying for a loan modification. Each lender has different requirements to qualify for a loan modification, and you must keep your mortgage with the same lender, but it may result in a lower payment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A loan modification may be any of the following:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Extend the loan term<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Decrease the loan principal<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Lower the interest rate<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-ccp-props=\"{}\">\u00a08. <\/span><b><span data-contrast=\"none\">Consider a Loan Recast<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If you have extra money to put toward your mortgage, you can pay the loan\u2019s principal and have the lower balance recast. This works well for people who get a tax refund or work bonus and can put the money toward their mortgage.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">A recast is often cheaper than a refinance because lenders don\u2019t have to underwrite your loan or order a new appraisal or title work. Instead, they apply the money you have to put down on the home to the loan\u2019s principal, decreasing how much you owe.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">The lender then re-amortizes the loan based on the new balance, but all other loan terms, including the interest rate, remain the same.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{}\">\u00a09. <\/span><b><span data-contrast=\"none\">House Hack<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If you have an unused area of your home, such as a bedroom or finished basement, or you own a multi-unit property, you can rent it out, making your primary residence a rental.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">When you house hack, you have a primary residence mortgage but earn rent from the space you rent. You can use the monthly income to cover your mortgage payment, or a part of it, reducing how much you owe.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4><span data-ccp-props=\"{}\">\u00a0<\/span><b><span data-contrast=\"none\">Final Thoughts<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:40}\">\u00a0<\/span><\/h4>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">It may seem impossible to <strong>lower your mortgage payment<\/strong>, but there are many ways. Of course, refinancing is the simplest way, but if you get creative, you may have other options.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If you refinance, consider the difference between an adjustable-rate and fixed-rate loan and whether you can eliminate mortgage insurance from your loan. If you\u2019re considering refinancing, let <a href=\"https:\/\/www.privamortgage.com\/\">Priva Mortgage<\/a> help you find the best loan for your situation!<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If your mortgage payment is too high, you may wonder how to lower it. Fortunately, there are many ways. The most common is to refinance your mortgage, but there are other methods to use to decrease your mortgage payment.\u00a0\u00a0 The key is to look at the big picture, know what you can afford, and determine [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[44,47,23,145,31,27,144,19,59,72],"class_list":["post-195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-adjustable-rate-mortgage","tag-conventional-loan","tag-fha-loan","tag-lower-your-mortgage-payment","tag-mortgage","tag-mortgage-insurance","tag-mortgage-refinances","tag-priva-mortgage","tag-refinance","tag-usda-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Lower your Mortgage Payment\u00a0<\/title>\n<meta name=\"description\" content=\"If you wish you had a lower mortgage payment, consider your options. 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