In this video I talk about a few ways that you can lower your mortgage payment. Some of these things can be done today. What are some other ways that you can lower your mortgage payment?
Another great way to lower your mortgage payment is to throw any additional money directly at your principal. Making extra payments towards your principal will help you decrease your payments over time. You probably are not going to see any instant results, but you’ll slowly start chipping away out those mortgage payments.
Lowering your monthly mortgage payment by refinancing to a lower rate or extending your loan term can make it easier to pay your mortgage on time every month while also possibly covering your other debts and expenses.
How to Lower Your Mortgage Payment. If you pay your mortgage through escrow and it includes your mortgage, property taxes, and homeowners insurance, then those are the areas you want to look at to reduce your mortgage payments.
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A refinance replaces your current mortgage with a new loan. A refinance may allow you to obtain a lower interest rate and better loan terms to reduce your payment. A refinance involves closing costs similar to the fees you pay when taking out a purchase loan. This can add thousands of dollars to your mortgage balance.
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A typical person puts down 10 percent of the home price, and opts for a standard 30-year fixed-rate mortgage. But changing those biases can save you hundreds of thousands in interest.
"Round up" your mortgage payment each month Each month, when your mortgage payment is due, "round up" to the nearest hundred dollars. If your payment is $1,450, send your lender fifty dollars more..
· ”You can buy a home at a price that exceeds conforming loan limits if you bring in a down payment,” Paul explains. “In that case, you need to make a down payment of at least 25 percent of the amount that exceeds the county limit.
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