Question:

How to lower your mortgage payment?

Answer:

Lowering your mortgage payment can be quite a task. If your monthly income goes mainly towards mortgage payment and utilities bills, you might want to cut your biggest housing expense.

Useful Tips to Lower Your Mortgage Payment

Rent a part of your house. No matter how big is your family, there is probably at least one room that has a separate entrance on its own and can be rented without disturbing your family comfort.

Get a cheaper house. A house that needs a little fixing may be a lot cheaper compared to your current home and still provide the same convenience. Reducing your monthly home loan payment will certainly be effective if you get a new, less expensive house.

Refinancing your mortgage to another loan with better rates may be effective. However, if you are tight on cash you might have to take higher rate to accommodate closing costs and in that case the monthly payment reduction may not be worth the whole refinancing process.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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