 TITLE: How to Lower Monthly Mortgage Payments CONTENT: Consider Refinancing Your Mortgage\n----------------------------------\nRefinancing a mortgage is when you take out a new mortgage to replace your current loan. Refinancing can help you save money and lower your monthly payment if you can qualify for a lower interest rate or a mortgage without PMI. You may also be able to lower your monthly payment by refinancing to a loan with a longer term.\nFor example, if you have 22 years left on your current mortgage and refinance to a 30-year mortgage, spreading out the payments over an extra eight years will lower your monthly payment amount—at a cost. Depending on rates when you refinance, you may have to accept a higher interest rate than you currently have, and those lower monthly payments will also cost you an extra eight years in interest.\nYou'll also need to account for the closing costs on the new loan when you refinance. It can take several years to break even, so refinancing might not be a good idea if you plan on moving soon. END