<ul><li>Refinancing can help individuals when mortgage interest rates decline. It is important to weigh the loan expenses against the permanent savings in interest.</li><li>Extending the loan term from 15 years to 30 years can be a short-term solution to lower monthly payments when money flow is limited.</li><li>Using a cash-out refinancing calculator can help homeowners tap into their home equity and obtain a larger loan amount, but it is important to check budget compatibility.</li><li>Removing private mortgage insurance (PMI) when home equity reaches 20% can help reduce monthly payments.</li></ul>

How to Lower Your Mortgage Payments? A Complete Guide

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