The best ways to lower monthly mortgage payment can be these four steps. The first one is refinancing, taking into account the age of the loan and interest rate. The second step is to stop paying private mortgage insurance. Last two ways involve a standard loan extension and protesting the tax assessment. These methods of lowering mortgage payment are legal and approved by specialists.


The mortgage system is an excellent example of checks and balances, representing the interest of both the lender and the owner. Each of the above methods has its own characteristics and methods of application.

Refinancing should be done at the beginning of the loan term as it is directly related to the high initial interest rate. The second method becomes available after reaching a certain amount of the cost of the house. Depending on the bank, after reaching a certain percentage, a specialist can allow the owner to stop paying private mortgage insurance.

The easiest and most common way to achieve the lowest monthly mortgage payment is to extend the loan term. However, in connection with this, there is a high probability of an increase in interest rates. Interaction with the tax assessment is implied only in case of revaluation of the value of the property, accident, or change of taxation elements.

If successful, not only the tax rate will be drop, but also private mortgage insurance of the owner. This method is considered non-standard and implies the knowledge of the owner of certain legislative tricks. A specific combination of factors can reduce the burden of the owner and ease his financial situation.