How to Lower Your Mortgage Payments Without Refinancing eHow

By Valencia Higuera, eHow Contributor

There are several ways to lower your mortgage payment and keep cash in your pocket. Ordinarily, you would need to refinance the home loan to receive a lower rate. However, refinancing is costly and some homeowners don't have the cash. In some cases, lenders might be willing to lower your mortgage payment without refinancing the home loan.

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     Document your financial hardships. To lower your mortgage payment without refinancing the home loan, the mortgage lender restructures the loan. However, not everyone qualifies for this provision. Before approving a request, lenders will review your financial situation and determine whether you qualify for help. Legitimate reasons include loss of employment, illness, injury and disability. You'll need to retain copies of all your financial statements, including paycheck stubs, banking statements, bills, unemployment compensation.

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     Take immediate action. Rather than wait until the situation gets out of hand, contact your mortgage company at the first sign of trouble. Lowering your mortgage payment without a refinance is a lengthy process and it can take weeks to obtain an approval and finalize the paperwork.

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Ask for a loan modification. One type of loan restructure is the mortgage modification, in which lenders agree to reduce the interest rate or extend the loan term to lower the mortgage payment. Your lender might suggest this provision. If not, request it.

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Submit a proposal. You can ask the lender to convert your interest-only or adjusted rate mortgage into a fixed rate, or you can request a loan extension. In some instances, the lender may temporarily suspend payments for a specified time period.

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Negotiate with the mortgage lender. Lenders vary, and some may not agree to your proposal. Arrange a meeting with your mortgage lender and discuss your options.