There are several ways to decrease monthly mortgage payments in the USA, the main idea is to leverage a combination of tax laws, offers from alternative lenders, and possible government assistance.
- Refinance your mortgage:
Refinancing your mortgage can lower your interest rate and monthly payments. - Extend your loan term:
Extending the term of your loan can also lower your monthly payments, but keep in mind that it will also increase the total interest paid over the life of the loan. - Make a larger down payment:
A larger down payment can also lower your monthly payments. - Apply for a loan modification:
If you are experiencing financial hardship, you may be able to qualify for a loan modification which will lower your monthly payments. - Talk to your lender:
Your lender may have other options available to help you lower your monthly payments. - Business expenses:
If part of the house is rented out and can be claimed as a business, it might be deducted from taxes as business expenses. - HELOC account:
This account belongs to the bank, so the more money is kept there, the more money is considered “already paid”, which decreases remaining payments.
It’s important to consider the long-term financial implications of any decision to lower your monthly mortgage payments and consult a financial advisor before making a decision.