how can i low my mortgage paymnts beside refianace my house?

Question

im new owner of a house i do not have a long credit history and i need to low my moutly payments

Answer 1

If you just bought, it is unlikely that refinancing at this point will lower your payments. Loans aren't free and the rates are still higher than they were earlier in the year. You're unlikely to have a better credit score, more income, or a better equity situation, things which affect the rate you will be offered.

If you've got a loan you can't afford, you probably want to consider selling before it gets any worse.

Answer 2

Not much you can do besides refinance. One answer was a good one about lowering your insurance (if your bank escrows for insurance and taxes - some do not).

ANother little known fact is that you can lower your real property taxes. Most municipalities have a process for challenging your assessment, which is the basis for how your tax is calculated. With property values declining in many areas, it may become an option for more people to do that. I know people who have done it and been successful. After homeowners insurance, and PMI, taxes are generally the only other thing escrowed as part of a mortgage payment

Answer 3

Are you paying PMI (private mortgage insurance)? That's required in most states if you didn't put down at least 20% when you bought it. If you've owned for at least two years now, you've probably built enough equity to eliminate the PMI. Call your mortgage company and request a drive-by appraisal so that you can eliminate that. It's can be several hundred dollars per month.

Answer 4

If you bought the home with an adjustable mortgage, my advice is to sell it asap. Take your profits put it in a CD and just wait until you can afford to take out a fixed rate mortgage.

Answer 5

What are your monthly payments and what is the term and interest rate for the mortgage? Need more info before I can help you.

Answer 6

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