Is there any way to low your mortgage payments?

My parents want to lower their mortgage payment because it's way too high, do you think the mortgage company will lower it a bit? or is there anything else we can do??

Ok they have a fixed interest rate and 30 year loan, anything else we can do?

Yes, you can lower your mortgage payments. There are two main types of mortgages: fixed interest rate & adjustable rate mortgages (ARM). If your parents have an adjustable rate mortgage the interest rate and monthly payment may go down if the federal interest rate goes down. If your parents have a fixed interest or adjustable rate mortgage they could try to refinance with their current mortgage company or another company to lower their monthly payments. If your parents have a 15, 20 or 25 year mortgage they could try to get a 30 year mortgage. That will also lower their payments. If they get a 30 year loan they could still pay off the loan sooner if they wanted to in the future without penalty in most cases. I suggest if they have an adjustable rate mortgage, they get a fixed rate mortgage because the monthly payment will be the same every month. The payment will not change over the life of the loan.

Easy refinance and now that fed has made more funds available to lenders it is a pretty good idea. However if their credit is bad or the house doesn't appraise well you may not get a good deal.

If they want to lower the PAYMENT, even a half point change in the mortgage wont make much difference. The only way to lower it is to refinance and lengthen the term of the loan if it is less than 30 years. But then they are paying a BOATLOAD more of interest.

Here's a good site with mortgage calculators you can use to create some "what if" scenarios: http://www.hughchou.org/calc/

Good Luck

It won't be easy. Ideally, they should be paying about $50 a month extra for principal and over time, the mortgage payment will be lowered and they will save on interest expense. Check out refinancing and see if they can get a better rate that makes it worthwhile to refinance. Don't go for an adjustable mortgage rate. It's not worth the potential risk.