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How To Lower Your Mortgage Payment

Introduction

With the cost of housing on the rise and the feast-or-famine nature of the real estate market, it’s important for those with a mortgage to know how to manage their mortgage payments. Fortunately, there are proven strategies that can lower your monthly costs or help you pay off your mortgage early.

Refinance your monthly payments

Napkin Finance

If you have a higher interest rate than the market average, refinancing can lower your monthly payment. This is because a lower interest rate means that less of each payment goes toward paying interest, and more goes toward paying down the principal balance on your loan.

You also have options for reducing your monthly payments by increasing your term (the number of years left on the loan), increasing your down payment, or improving your credit score.

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