Marlene Smith

Real Estate Broker

  • Home
  • About
    • About Marlene
    • Accessibility Statement
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Pricing 101
  • Blog
  • Contact

How Everyone Can Reduce Their Monthly Mortgage Payment

October 27, 2020 by Marlene Smith

How Everyone Can Reduce Their Monthly Mortgage PaymentFor many people, their biggest monthly bill is their mortgage payment. Therefore, it should come as no surprise that there are a lot of people who are looking for ways to reduce their monthly mortgage payment. The positive news is that there are several ways to do so.

By putting some of these tips to use, everyone can find a way to pay less every month on their mortgage, helping them save money for other expenses such as a new car, college expenses, or that next vacation.

Shop Around Before Getting A Mortgage

For those who are still in the process of buying a home, it is a great idea to shop around and see what the options are. Even though there are rates advertised in the industry, it is always a smart idea to visit multiple potential lenders and see what they are offering. Then, with multiple offers in hand, it might be possible to leverage the offers against each other to see if they are willing to come down on their interest rates. This can help people reduce their monthly mortgage payment.

Put More Money Down

This is the most direct way that someone can lower their monthly mortgage payments. Even though this is a zero-sum game (taking more money out of the bank account and paying it sooner), this will directly reduce the monthly mortgage payment. Furthermore, this could get a lender to reduce the interest that he or she is charging, which could help homeowners save more money overall.

Refinance An Existing Mortgage To A Lower Rate

Finally, it is also possible for people to refinance an existing mortgage to a lower interest rate. This can help people who already have a mortgage save money by essentially replacing their old loan with a new one, accompanied by a lower monthly mortgage payment. Refinancing could also help people pay off their mortgage sooner.

Save Money On Monthly Mortgage Payments

These are a few of the top tips that everyone can follow to make sure they save money on their monthly mortgage payments. By shopping around, putting more money down, and refinancing an existing mortgage, everyone has the opportunity to save money on their monthly bills.

Filed Under: Mortgage Tagged With: Affordability, Mortgage Payments, Mortgage Savings

Marlene Smith

Contact Marlene


Real Estate Broker
Invest Rite Realty Group
CALL (541) 324-8330

marlene@marlenesmithrealtor.com
LIC #200610110
Invest Rite Realty Group, LLC Logo

How can we help?

  • This field is for validation purposes and should be left unchanged.

Connect with Us

Browse Blog Articles by Category

Recent Articles

  • Getting A Mortgage When Self-Employed: What You Need To Know
  • On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage
  • What Is A Loan Contingency: An Overview
  • What’s Ahead For Mortgage Rates This Week – January 23, 2023
  • An Often-Overlooked Trick Can Help You Afford A Second House

Looking For Something?

Categories

Our Location


Eagle Point, OR

Copyright © 2023 · Powered by MySMARTblog