The mortgage payment can be lowered in more than one way. You have to choose an option between a temporary or long-term solution after carefully weighing what are the pros and cons of each solution and then move forward to work on one.
Out of all the simple and straight ways to lower the mortgage payment is extending the term. It is also called as re- casting or re-amortizing the loan where one does not need to refinance the mortgage as the service is offered by most lenders at a fee of about $250.
The monthly mortgage payment will be reduced as soon as the mortgage is extended. And you can check this very fact using a mortgage payment calculator as well. This will give you time to earn and pay back the loan slowly. Basically the 15-year mortgage to a 30-year mortgage will be stretched to give you more time to repay.
But one needs to remember that one ends up paying more interest on the mortgage after choosing this option. The interest on the mortgage calculates to more over time. Though if one looks at it objectively this is the best method for someone who is in need of an immediate solution for their cash flow problems.
The ones not looking at extending their repayment term can opt to get their loan refinanced so that they can get a lower interest rate which will result in smaller monthly installment. One needs to have good credit for this option to work. Good credit will get you refinance.
If you do not want to deal with any more paper or bank work the best solution is to get a tenant for the extra space. This can reduce the cost of the monthly mortgage payment and give you another source of income too. If you do not have an extra room to rent, try renting the basement or parking to a friend or a neighbor.