Mortgage payments are a significant expense for many U.S. households, with lower-income families facing a higher percentage of their salary going towards their monthly payment. Lowering your mortgage payment can prevent you from being house poor and free up cash flow for other expenses. Refinancing your mortgage can help you secure a lower interest rate, reducing your monthly payment significantly. You can also consider a mortgage recast, where a lump-sum payment reduces your principal balance, resulting in a lower monthly payment. Homeowners with PMI can save money by reaching 20% equity to remove the insurance requirement. Additionally, appealing overassessed property taxes and reducing homeowners insurance premiums can help save money on housing costs. If you’re struggling to make mortgage payments, options like loan modification, forbearance, or HUD counseling are available to help.

Read more at Yahoo Finance: 5 practical tips for homeowners