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Step 1
The easiest way to get a lower mortgage payment is to extend your current loan. If your mortgage is currently 15 years then consider extending it to 20 years. However, doing this will cost you more money in interest in the long run. Weigh the trade off and decide what is better for you.
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Step 2
Refinance your mortgage. Take advantage of the historically low mortgage rates and refinance your home. If you are paying over 6% interest you should look into getting a lower interest rate.
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Step 3
Property taxes. If you suspect that your home value has decreased significantly due to the current housing market you can request a new governmental appraisal of your home. If you home is lower than it was, you could save money by paying lower taxes on your home.
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Step 4
If you try all of these options and you still need to get a lower mortgage payment then it is time to consider moving to a smaller home. Realistacally asses your financial situation and determine the best option for you and your family.
