How to Lower your Mortgage Payment

There are several ways you can lower your mortgage payment:

Refinance your mortgage: Refinancing your mortgage involves replacing your current mortgage with a new one that has better terms, such as a lower interest rate or longer repayment period. This can lower your monthly payment and reduce the overall cost of your mortgage.

Extend the Amortization: If you're struggling to make your mortgage payments, you may be able to extend the amortization, which will lower your monthly payment but increase the overall cost of the mortgage.

Make extra payments: Making extra payments towards your mortgage principal can reduce the amount of interest you pay over time, which can ultimately lower your monthly payment. You can do this by making extra payments each month or by making one-time lump sum payments.

Modify your Mortgage: If you're having difficulty making your mortgage payments, you may be able to work with your lender to modify your loan terms. This could involve reducing your interest rate or extending the loan term to lower your monthly payment.