how to make mortgage payments lower

 · The bigger your down payment, the lower the mortgage rate. If you put down 20 percent or more, lenders see you as a lower risk because you have as much at stake in the property as they do. Not only your down payment, but your loan length determines your rate, for the same reason.

so this is only a smart option if you can score a lower interest rate than the one on your existing mortgage. If this isn’t the case, then rather than refinancing, you can pay your 30-year mortgage.

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Extend your mortgage into a conventional 30-year term to cut your monthly payment. The bad news: Your interest rate will rise. The good news: you can still choose to make additional payments on the mortgage as if you were paying a 15-to-20-year loan.

Can I lower my monthly mortgage payment without refinancing? Refinancing is the most common way to get a lower mortgage payment. However, many lenders are willing to figure out a better repayment plan, without a refinance. Your financial circumstances and your lender will determine whether you can reduce your payments without refinancing.

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You also should ensure your mortgage has no prepayment penalty; if it does, refinancing to lower your payment may not make sense.

Your mortgage payment is the biggest bite out of your paycheck, so that seems like the logical place to start. Here are some ways that may help you lower your monthly mortgage payment and.

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Pay lump sums off your loan. If you’ve saved up or received a lump sum, using this to reduce the outstanding balance on your home loan could reduce the time it takes to pay off the mortgage and reduce your overall interest costs. Paying $15,000 off a $250,000 loan could reduce the loan term by almost 5 years and save over $20,000 in interest costs.

 · The lower you pay your mortgage, the amount that goes toward your principle every month increases and you pay less interest. Increasing your mortgage payment by even $50/mo. can dramatically reduce the length of your mortgage because the extra funds go directly to the principle, again, lowering the amount of interest you are paying.

But, if you have bad credit, refinancing your mortgage may not be an option. So how do you lower your mortgage payment without refinancing? Well you have to .