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Mortgage Refinancing: How to Lower Your Monthly Payment
by Louie Latour
If you are considering refinancing your mortgage because you need to lower your monthly mortgage payment amount, there are a number of different ways to do this. Finding the best way for you means doing your homework to avoid overpaying on the fi

If you are considering refinancing your mortgage because you need to lower your monthly mortgage payment amount, there are a number of different ways to do this. Finding the best way for you means doing your homework to avoid overpaying on the finance charges. Here is what you need to know to get started.

Everyones financial situation changes as the years pass. People marry, find new jobs, lose jobs, have children, or fall on hard times. This is perfectly normal and happens to everyone; managing your mortgage during these changes can be stressful and could negatively impact your relationships and family. There are steps you can take to ease the strain on your budget caused by the mortgage payment; however, make sure you fully understand what is involved and the risks associated with changing the way your mortgage is structured.

If you have an adjustable rate mortgage that is scheduled to “adjust” in the coming months to a higher interest rate, you might want to switch to a fixed rate mortgage to ensure your financial peace-of-mind. To lower your monthly payment amount you will need to choose a mortgage that has a lower interest rate and/or has a longer term length. Term length is the amount of time the lender gives you to pay back the mortgage and largely determines what your monthly payment will be.

There are risks when refinancing your mortgage. By choosing a mortgage with a lower payment you could end up paying more to the lender in finance charges over the life of the loan. If your current mortgage has a prepayment penalty in the contract, you will have to pay this penalty before refinancing the loan.

To gain the maximum benefit from refinancing when you need the lowest payment possible, combining a lower interest rate with a longer term length will give you the lowest payment amount possible. If your financial situation is dire and you are not able to make the current payments, contact your lender and find out if a “payment holiday” is available to you. The lender may allow you to temporarily suspend payments and you can use this time to secure the financing you need. To learn more about your mortgage financing options, including how to avoid common mistakes, register for a free mortgage guidebook.

To get your free mortgage guidebook visit using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit

Claim your free guidebook today at:

Baltimore Mortgage Refinance

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