How to Lower Your Mortgage Payment – 3 Ways to Save Big

Housing expenses, particularly mortgage payments, can significantly impact budgets. While fixed-rate mortgages maintain consistent principal and interest payments, escrow amounts for taxes and insurance can fluctuate. To lower mortgage payments, consider refinancing at a lower interest rate, challenging property tax assessments, shopping for cheaper homeowners insurance, eliminating private mortgage insurance (PMI), recasting loans, or making extra principal payments. These strategies can help save money and reduce overall mortgage costs.