The mortgage payment is the biggest monthly bill in the budget of most homeowners. Experts suggest a maximum of 33% of the households’ take home pay be budgeted for this monthly outlay; ideally mortgage payments are kept around 25%.

Rocky financial periods are experienced by most of us at some point in our lives. During this challenging economic time even more people are fighting to maintain. Many have already lost their homes because of the economic struggles the US is facing. Perhaps you have been affected by unplanned medical bills, lowered income, unemployment or another financial distress, then you might want to try one of these techniques to get your mortgage payment lower.

If your family has experienced a cut in pay one of most viable options for you is a mortgage modification. During this process the homeowners’ representative gets in touch with the mortgage company and discusses new terms for the mortgage to make it better fit the budget of the homeowner. This is an intricate and time consuming process that is best handled by legal professionals. You might be tempted to attempt to get your mortgage payment lower through a mortgage modification by yourself but you will likely end up frustrated without having accomplished anything.

Another way to get a lower house payment is the refinancing of your current mortgage. Mortgage interest rates are very reasonable at the time of this writing and are expected to remain so for a good while. If you refinanced $200,000 a one percent drop would reduce your mortgage $250 a month. A $150,000 refinanced, with a one percent reduction in the interest rate, would put your mortgage payment lower by about $100. It will cost you some money upfront but by shopping around you can minimize your application fees and closing costs. In addition the savings you get will pay for the cost of refinancing eventually. One should note that this technique of making your mortgage payment lower is more practical for people who plan to live in their home long enough for the monthly savings to pay off.

Another option is downsizing, getting a smaller and less costly home. Sometimes you can find a less expensive home that is the size of your current home if you are amenable to living without some amenities or in a less prestigious neighborhood. You may have to perform some maintenance work or tidying up but good deals can be found. Think about moving to a suburb if you are living close to the middle of a metropolitan area since prices are often lower there.

Some folks have chosen to buy multi-family housing and live in a portion of it while renting the rest. For example, a duplex would let you to stay in one unit and rent the other which could contribute to the monthly loan payment. In time you could sell the property and move back into a single family dwelling. This option can be viewed more an investment and, if the market is right, the rent you charge may lower your mortgage payment.

The next method may seem like a contradiction, but is worth mentioning: Pay extra on your loan every opportunity you get. As all extra payments go straight toward your principal it reduces the overall amount you owe. Since your mortgage insurance is determined by the principal you still owe, as you pay down your mortgage your insurance premium goes down. Another benefit to paying more than the minimum and always on time is that loan companies are more willing to work with you if you experience a financial problem and need to skip a month or want to request a loan modification.

Most mortgages are thirty-year loans. Be certain your due diligence is comprehensive and you are receiving the best deal on the market regardless of which option you pick to get your mortgage payment lower. Choose smartly and you may be saving tens of thousands of dollars over the life of your mortgage.