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Trulia Boston, Home Buyer in Boston, MA

What is the best way to lower one's mortgage payments?

Asked by Trulia Boston, Boston, MA Tue Feb 12, 2013

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Michael Suffoletto’s answer
As mentioned already, refinancing is most likely the best way to reduce your payment and hopefully rate as well. However, most investors will allow a one time option to recast your mortgage payment based on your current principal balance. Assuming your balance is lower, or you plan to put a large principal payment onto the mortgage, you can recast the payment to be calculated on your current balance. The cost is usually $200 to re-record the mortgage with the county.
Before contacting your current servicer, you should contact a Mortgage Loan Officer to determine if your rate, or mortgage program can be approved as well. Feel free to contact me if you would like to explore your options. Good luck!
0 votes Thank Flag Link Thu Feb 28, 2013
Sorry, contact a Mortgage Loan Officer to determine if your rate or program can be IMPROVED. I guess I have APPROVED engrained into my mind!
Flag Thu Feb 28, 2013
BEST ANSWER
Refinancing your existing mortgage is the only way to lower your Principle and Interest payment.. If your property taxes are being escrowed as part of your monthly payment you could see if you can lower your assessed value and make sure you are taking advantage of the residential exemption if your town provides one. Another component is property insurance - see if you can get a lower premium. The last option would be to see if you can stop paying PMI if you are doing so - do you have more than 20% equity in your property? Hope these help.
0 votes Thank Flag Link Thu Feb 14, 2013
Refinancing is always the best way if you would like to lower your monthly mortgage.
0 votes Thank Flag Link Tue Feb 12, 2013
There a few ways but the best two ways is usually refinancing for a lower rate or if you have taxes and insurance included in your payments then another way is to lower your insurance payments by finding a more competively priced insurance company as we as by lowering the taxes on the property via owner occupancy exemption or having city re-access your property.
0 votes Thank Flag Link Tue Feb 12, 2013
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