What is the best way to lower a monthly mortgage payment? A Crowntrust mortgage specialist can answer this question in regards to your specific financial needs.

There are a few different ways you can lower your monthly mortgage payment.

First, you can simply refinance to a lower interest rate. A lower rate generally means a lower monthly payment.

Second, you can change the amortization of your mortgage. For instance, if you have a 15-year mortgage, you can lengthen the amortization to 35 years. Since the balance of your mortgage is spread out over a longer period of time, your payment is lower. However, if you have a 35-year mortgage and one of your financial goals is long-term savings, you may want to consider shortening your term to 20 or even 15 years. Your payment will be higher, but you will pay much less in interest over the life of the loan, saving you thousands of dollars in the long run.

The third way to lower your payment is to refinance to an interest-only loan. Basically, with an interest-only loan, the minimum amount you are required to pay is the amount of interest for a certain period of time, though you can pay as much principal as you like. But you get the flexibility to pay less if you need or want to divert your money elsewhere.

Lower Your Monthly Mortgage Payment

• Get a lower rate than a conventional fixed-rate mortgage.
• Our interest-only loans give you the flexibility every month to pay only the interest or as much principal as you want.

Keep More Money in Your Hands

• Pay less toward your mortgage every month and keep more money in your pocket.
• Use it to pay off high-interest debt, finance home improvements, or increase your retirement savings - whatever you need.

No Pre-Payment Penalties

• Call to find out if you qualify for a MortgageClub.ca mortgage that allows you to refinance your loan or pay off your mortgage early with absolutely no pre-payment penalties.

Calculate Your Mortgage Payment - See How Much Lower It Could Be

• Enter your current mortgage balance and monthly payment into our online mortgage payment calculator and we'll show you your potential monthly payments with several different loan options.