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If you’re looking for ways to cut down on living expenses, a lower monthly payment on your home can relieve some financial stress and help give your budget a bit of wiggle room. After all, mortgage payments typically take a big bite out of your paycheck, so reducing the size of that bite would definitely leave more of your hard-earned cash to go around. Luckily, you have a few options to reduce mortgage payments, as well as the stress they cause.  

Lower Monthly House Payments by Refinancing Your Mortgage

If you meet the qualifications, you can refinance your mortgage to take advantage of lower interest rates, thus lowering your monthly payments. There are costs attached to this process, though, so you need to make sure it’s worth it in the long run. Typically, if refinancing can lower your rate by .75 –  1%, it will save you enough money to make it worth your while, and allow you to recoup the expense.

Lower Monthly Payments by Recasting Your Home Loan

Another way to lower payments is to spread them out for a longer period of time. In other words, you can extend your repayment term from 15 years to 30, for example, and pay less for longer. Keep in mind, however, that you will accumulate more interest along the way, so this is more of a short term fix if you are currently experiencing cash flow problems.   

Lower Monthly Payments by Removing Mortgage Insurance

If you have built up sufficient equity in your home (typically at least 20%), you can request your lender to remove the insurance associated with your loan. An appraisal may be necessary to determine your home’s value, but the money you’d save on monthly payments would far outweigh the cost of having your home reappraised.

Lower Monthly Payments by Selling Your Home 

If you’re behind on your mortgage payments or having trouble catching up, finding ways to lower those payments can certainly help, and one of the best ways to do that is by putting up a “for sale” sign. 

If your home’s monthly payments are no longer affordable enough to allow you to live comfortably and without worry, it may be time to consider selling your house and moving into a place that’s better for your budget. Sure, this can take a lot of time, but it doesn’t have to if you enlist the help of a reputable real estate investment company like Renewed Homes.      

We make selling simple, and prefer to close on home sales in a week or less, so you can move on from your worries and move on to the next chapter of your life in a new home you can comfortably afford. 

If you think selling your house is the best option for you, give the Renewed Home team a call at 269-362-0931 or contact us online. We’re always happy to help and are committed to finding the solution that best meets your needs. Learn more by connecting with us today!

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