Getting a mortgage is at once a curse and a blessing; this doesn’t apply unanimously in all cases, however.

The inside scoop is that a family needs to cover other financial needs, as well, not only the repayments on the mortgages: schooling for children, monthly expenditures, car fixing, a vacation once in a while and many other things of this sort.

In this light, a mortgage can prove to be problematic even then when its interest rate is decent. Naturally, we know for a fact that you could use some tips as to how you can cope with the repayments in such a way that you’ll still be able to save some money for other purposes.

Extend the Term of the Loan

15 or 20-year loans can be repaid faster than the 30-year ones, sure, but there’s a Catch-22 here: the shorter the term of the loan is, the larger the monthly repayments will become.

With a 30-year mortgage, you’ll have to pay for it for a really long time, but at least it will be easier for you to do so from a strictly financial point of view. Keep in mind that this might not make sense for you, so don’t look at it as a universal solution.


Refinancing is by far the most employed method of getting to pay a lower price on a monthly basis. This involves looking around for a lender that offers better terms and better interest rates.

Refinancing, contrary to what a lot of people think, isn’t completely devoid of problems. In the long run, with a wrong lender, one can actually end up paying more than he/she would’ve paid by riding out the previous loan.

Again, do this only if it brings about some real advantages. One thing is certain: it’s way better to refinance than to take a new loan since you won’t be losing money.

BNB It Out

Bed-and-breakfast houses have already compiled a huge industry. If you have a spare room in your home, you can rent it out for some extra cash. This doesn’t necessarily lower your monthly payments, it provides an additional source of money, so you won’t have to take a monthly repayment out of your salary, for example. In the same way, you can save this additional income in a separate account.

Increase Your Credit Score

A good credit score comes with lower interest rates, subsequently with more affordable monthly repayments. If your score isn’t at its best, work at it and bring it back to its optimal figure.

This will help out in the future, especially if you have a mortgage with a long term.

Concluding Remarks

High monthly repayments can make living next to impossible. Fortunately, there are plenty of ways in which these can be lowered or at least amortised.

As a parting note, we’d like to offer you an invaluable piece of advice: do not jump headfirst into new offers that promise this and that without doing research or talking to a professional.

Also, don’t attempt to do any of these without counselling with a virtuoso in all matters of mortgages and repayments first.