How can I lower my monthly mortgage payments?

Question

We're going to be living on a single income this year as I take an extended maternity leave. We'd like to find a way to lower our mortgage payments during this period. Any suggestions?

Answer 1

Refinance your mortgage loan at a lower interest rate, in most cases you can skip a monthly payment sometimes even two.

Answer 2

I feel so sorry to hear about that. I wish I can say that there is way to lower your mortgage but there is none. A lot of loan company said that 1.5%, 1 1/4%, cut your mortgage in half, and etc... But all of them are very risky, because you will have to pay much more in the future and principle will get larger. If you think lowering mortgage in only way, then learn the risk from loan officer. Also, go to google type risky mortgage to find detail information about mortgage. Must know about penalty amount and penalty period. Try to learn as much as possible, this way you will be able to save a lot of money and avoid from scam.

Answer 3

You can either go and see someone at your bank/building society to explain your position and ask for lower payments or approach a different bank/building society to swap your mortgage. We change ours every two years as usually new customers get the best deals.

Answer 4

I happen to be in the mortgage business. You can refinance for a longer term, interest only (which I would not recommend) There really is no other way to reduce your mortgage pa yment.

Answer 5

Talk to your mortgage company. They will let you pay interest only during your maternity leave.

Answer 6

Is your credit better now than when you pruchase the property?
if so, that might be the best way to refinance it and since yoy have better credit then the rate will go lower