Lower Monthly Mortgage Payments

Written by Tara Peris
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There are a number of ways to negotiate lower monthly mortgage payments. The key is to think carefully and realistically about your financial situation and to consider what makes the most sense in the long-term. There are many options available, and those with the most immediate appeal are not always the most responsible strategies to pursue.

Almost every homeowner dreams of lower monthly house payments. Although financial advisors suggest that a monthly mortgage payment constitute no more than 30 percent of ones monthly income, that whopping check you write sure feels otherwise. All too often, by the time you pay your mortgage, insurance, and utility bills, it seems there is little money left over for anything else.

Safe Planning for the Future

If you've been in your home for some time, there are a number of options available to lower your monthly mortgage payments. However, you must evaluate each alternative with a very critical eye. There are countless scams designed to prey on people in need of financial relief, and if an offer looks too good to be true, it probably is.

Your best bet is to examine how various refinance options will play out over the long-term. That is, think about what you still owe on your original loan, and then consider multiple repayment strategies. Some loan packages allow you to make smaller monthly payments, but expect you to pay the full balance at the end of the loan agreement. This means that after years of payments, you could still stand to lose your home if you are unable to pay off what is left of your mortgage. Read the fine print on all loans, and speak with your lender at length about the risks associated with each option you consider.


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