– Extending the terms of your mortgage from a 15-year to a 30-year is just one way to reduce your monthly payment. In most cases, you can still pay your loan off early even if you extend your terms. Compare the monthly payments options with your American Pacific Mortgage loan advisor to see if extending your term is the right way to lower your.
If you’re wondering how to lower your mortgage payments each month, there is more than one way to achieve that goal. Here are nine ways to reduce your mortgage. 1. extend your repayment term. A simple way to lower your mortgage payment is to extend your term (which is also referred to as re-casting or re-amortizing).
· If your main goal of making a lump sum payment is to lower your monthly payment, then you might be in luck. But mortgage companies don’t necessarily adjust your payment when you pay extra – sometimes you have to request a recalculation and pay a fee. This process is known as recasting a.