Do you want a lower monthly mortgage payment? That seems like a dumb question to me, but I asked anyway. Here are 3 tips on how to lower monthly mortgage payments.

Mortgage payment tip #1 – Getting a lower rate

Getting a lower rate is an easy way to lower your mortgage payment. That is also pretty common sense, but how do you get a lower rate? This seems easy, but it is not as easy as it seems. You cannot just call up a mortgage company, get a quote, and sign the papers.

You need to compare companies. Make them fight over you. If one of them gives you a low rate and high fees, and another gives you a higher rate and lower fees use this. Ask the company with the lower rate to match the fees and the one with the higher rate to match the rate of the other company. Use this and you will be able to get a better rate and lower payment.

Mortgage tip #2 – Consolidate high interest debt to get a lower payment

If you have some high interest debt you can consolidate it into your mortgage. This may actually make your mortgage payment higher, but it will eliminate those other payments and that will save you money monthly.

Mortgage tip #3 – Extend the term of your loan

You should only do this when it is necessary. It will cost you more money in the long run to extend your term, but you will be able to lower your monthly payment. You will only want to do this if you get laid off or you really need the money each month.

There you have it. Three tips to help you lower your monthly mortgage payment. Use these tips and start with an online mortgage quote.