• There are a number of ways you can lower your mortgage payments.house image by Brett Bouwer from Fotolia.com
  
  Lowering your mortgage payment is always a good idea, whether you are having financial difficulties or not. If you are having financial trouble, lowering your mortgage rate is a good way to reduce your monthly financial outlay without having to move. When combined with other money saving measures, lowering your mortgage payments can help you spend less each month.
  
  

Lower Your Interest Rate

• Talk with your bank or credit union about refinancing your mortgage. According to LendingTree website, a $100,000 mortgage amortized over 30 years that is refinanced from a rate of 6.25 percent to 5.5 percent could reduce your mortgage payment from $615.72 to $567.79. You'll also save $17,253 in interest over the term of the loan.
  
  

Consider Interest-Only Mortgage

• This is only a good option if you do not intend to stay in the home for a long time or if you are experience tough financial straits. An interest-only mortgage allows you to pay only the interest on the amoritization of the loan for a period of five or 10 years. Unfortunately, if you stay in the home past the interest-only period, your payments will increase and will most likely be higher than they would have if you stayed with a regular mortgage.
  
  

Sell House

• The best way to reduce your mortgage payments is to sell the home you are in and purchase something cheaper. If you are overextended in your finances and having trouble making the payments, consider whether you can adjust to a smaller home or one that needs improvements to keep your mortgage payments down.
  
  

Ask for Mortgage Modification

• If you are having trouble making your payments, call your bank and ask to speak to the loss mitigation department. Some banks have programs that allow you modify your mortgage especially if you have recently experienced financial issues beyond your control.