With first of the month approaching, you might be feeling happy as it is the day you wait for the whole month. There is every reason to feel happy on this date because you will be getting your pay check or the salary transferred in your bank account. On the other hand, something that wipes off the smile on your face is the high monthly mortgage payment that you have to make yet again in this month. There is legally no way so as to get rid of this liability but you can certainly lower your mortgage payment if it is high by knowing a few things.
The lower interest rate let's you have lower monthly payments and in order to qualify for lower mortgage rates you need to show your current financial situation stable. You can either lower your spending or increase cash inflow by working part time to get lower mortgage rates and so the lower monthly payments.
One method of qualifying for a lower mortgage rate is to have a good credit record. In order to do this, prove that you have cleared all you liabilities and have maximum home equity with no outstanding loans or mortgage payments. It is better to consult a mortgage broker in your area for an authentic advice.
While refinancing, try to get a lower interest rate that can be adjustable which changes with market conditions and fixed and remains constant throughout the term. Remember that you want a lower monthly payment more than lower interest rate.
If you are refinancing and extending your term so as to lower the monthly payment, avoid having your credit record pulled every now and then as your shop for mortgage rates. This will lower your credit score and it will be difficult to get a lower monthly payment.