Refinancing isn’t the only way to lower your mortgage payment!
Try one of these 4 methods to lower your monthly mortgage payment.
1. Recast your mortgage: If you receive a large bonus from work, you can pay a lump sum on your mortgage and then ask your lender to recast the loan. Since your principal will go down, you’ll have a lower monthly payment.
2. If you had a down payment under 20%, you likely are paying PMI (aka Private Mortgage Insurance). When you’ve paid 20% into your home’s principal, you’ll be able to cancel your PMI.
3. Homeowner’s insurance can add up, but like any other insurance, you can shop around and find a better rate. Ask your real estate agent for recommendations!
4. Property taxes can be a huge chunk of your monthly mortgage payment. If you feel like your taxes and appraised home value are too high, appeal the tax with your assessor and see if you can get them decreased.
There are many ways to cut down your monthly mortgage payment–refinancing is just one of them!
