How to get a low mortgage payment?

Question

My mortgage payments seem to be too much especially in the current state of the economy. Is there anything I can do to lower them?

Answer 1

The following ways are useful to lowering your mortgage payment.

1) Extend your repayment system.

2) Refinance your mortgage.

3) Make a larger down payment.

4) Rent out part of your home.

5) Get rid of your PMI. 

Answer 2

How to get a low mortgage payment and how much mortgage payment I can afford - are 2 questions you should ask before applying for the mortgage. Study all the information about mortgage and make the right decision at the very beginning in order not to make both ends meet later. 

Answer 3

Below somethings that you can do in order to lower your mortage payments

• Refinance to a lower rate
• Refinence to a longer term
• Apply for mortgage forbearance
• Apply for loan modification
• Eliminate mortage insurance

Answer 4

9 strategies to reduce your mortgage payment. While not all of these apply to every loan scenario, and some require a cash outlay, one of these may work for you. ...

2

Buy a cheaper house. ...

3

Increase your down payment. ...

4

Have your seller pay your PMI. ...

5

Pay points. ...

6

Drop mortgage insurance coverage. ...

7

Recast your loan. ...

8

Refinance.

Answer 5

1. Make a substantial down payment 

2. Shop around-various mortgage lenders offer a variety of loan terms

3. Before you apply, be sure your funds are in order

4. Purchase a property at a reasonable price

Answer 6

Lowering your mortgage payment can be a great way to free up funds. The way to get a lower rate is to refinance with a lower interest rate keep an eye on the market. Look for rates that are lower than your current interest rate. When mortgage rates drop, contact your lender to lock your rate. Get Rid of the FHA mortgage insurance premium determined how much equity you have, your equity will be based on what your home is worth when you refinance, simply subtract your current loan balance. Getting rid of private mortgage insurance you're probably paying for private mortgage insurance as part of your monthly payment. You can ask your lender to remove PMI this allows you to save money since mortgage interest is tax-deductible, but PMI is not. Extend the term of your mortgage if lower payment is your goal, extending the term of your mortgage with a loan modification can help you get there. A longer term spreads out the loan balance over more payments.