Rate reduction

The easiest way to lower your payment is to refinance your current mortgage to a lower rate. While rates are not near the rock-bottom levels of the last several years, they're still low when compared to the historical rate climate. If you didn't cash in on these low rates, you still may be pleasantly surprised at what a mortgage refinance could do for you.

The thrill of a single bill

How many credit cards do you have? Too many? If you have multiple pieces of plastic generating multiple monthly bills, consider a debt consolidation mortgage loan. Whether you consolidate your debts into a new first or second mortgage loan, you'll most likely lower your overall monthly payments. Debt consolidation works because the rates for credit cards are generally much higher than those for mortgage loans. Home loans are also tax-deductible, another reason to purge the plastic.

Coming to terms with a long-term loan

Another way to lower your monthly payment is to increase the repayment term of your loan. Many people switch from 15-year to 30-year mortgages under this approach, although there are 40- and 50-year mortgages, as well. While this definitely frees up short-term money, you'll eventually wind paying more money in interest payments over the long-term.

If the monthly bills have you singing the budgetary blues, take a good look at your mortgage payment options. Start checking out rates and crunching numbers on our mortgage loan calculator. The results might show you just how easy it can be to move out of the red and into the black-and into the green of cold cash.