When it comes to saving money, there's one surefire way to make a huge dent in your budget: lower your mortgage payment. Not only will it give you more money to put towards other expenses, but it can also improve your credit score and reduce your interest payments. If you're looking for ways to save money and make your mortgage more affordable, here are some tips for how to lower your mortgage payment.

First, consider refinancing your current mortgage loan. Refinancing your loan can get you a lower interest rate, which means you'll pay less money each month. Many mortgage lenders also offer refinancing programs that can reduce the length of your loan term, so that you'll pay less interest over the long haul.

Second, explore options for reducing your mortgage principal. One way to do this is to use cash to pay down a portion of your mortgage balance. This will not only lower your monthly payments but also give you the opportunity to build equity in your home faster.

Third, consider whether a government refinance program may be an option for you. Programs like FHA Streamline, the Home Affordable Refinance Program (HARP), and the VA Streamline Refinance can potentially reduce your mortgage loan payments.

Fourth, consider whether or not it makes sense to make a larger down payment when you purchase a home. Larger down payments can potentially result in lower monthly payments and reduce the overall life of the loan.

Finally, look for other ways to reduce your overall housing expenses. Moving to a less expensive home, moving to a more cost effective area of the country, and reducing your energy costs are all ways to make your mortgage more affordable.

Lowering your mortgage payment may seem intimidating at first, but with a little research and thoughtful consideration, you can save a considerable amount of money in the long run. By exploring different options and strategies such as refinancing your mortgage, reducing your mortgage principal, seeking government programs, and taking other steps to reduce your housing expenses, you can make your mortgages much more affordable.