6 ways to lower your mortgage payment

Housing costs are a significant monthly expense for many Americans, often consuming a third of their budget. To reduce mortgage payments, options include refinancing for a lower interest rate, eliminating private mortgage insurance (PMI) if equity reaches 20%, or recasting the loan by making a lump-sum payment. Homeowners can also shop for cheaper insurance and consider loan modifications if facing financial hardship. These strategies can help manage housing expenses effectively.