Here's How to Lower Your Mortgage Payment Without Refinancing

If you have a mortgage, that's usually what takes the biggest chunk out of your paycheck. Experts suggest you should pay 28%-36% of your gross income on your mortgage, but if you’re paying more and need to free up some cash, there are ways you can lower your mortgage payment without refinancing.

You just need to be willing to out in some work.

"Refinancing is off the table because today's mortgage rates are higher than what they have on their home," Holden Lewis, a mortgage expert with Nerdwallet, told News4. "So that leaves you taxes and insurance to try to get the lower payment on."

Let's start with insurance. Consider bundling your home and auto policies as a way to save money. Take some time to shop around for the best rates.

While you’re shopping, ask about raising your deductible to reduce your premium.

If your credit score recently improved, you will be offered a better deal.

If you recently made improvements to your home, such as a new roof or alarm system, make sure the agent knows that, because it could get you a lower rate.

As for your property taxes, you could try to appeal for a lower rate. Each county and city has their own appeal process with a deadline.

If you decide to appeal:

• focus on items that affect the value of your property
• explain why their value dose not accurately reflect the market value of the property
• identify any mathematical errors or inaccurate information describing the characteristics of the property
• most importantly, provide sales of comparable properties that support your findings

But if your goal is financial freedom from your mortgage company, one extra payment a year can help you get there faster.

"That would tend to knock about seven years off of a 30-year loan," Lewis said.

And if you are curious about what it would take to pay off your mortgage a little sooner, Nerdwallet has an early payoff calculator you can use for free.