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MONEY MAY: Refinancing may be an option to reduce your monthly mortgage payment

The first step is to talk to your lender about your options.

BEAUMONT, Texas — In addition to the shortage of affordable homes high mortgage rates continue to be a struggle for many Texans.

As we continue to face high prices everywhere there are options available to help lower monthly mortgage payments.

Experts say things in the housing market may not get better anytime soon especially with rising inflation but if your mortgage is making a huge hit to your wallet there are options.

This may not be the best option for everyone since it will extend the length of your loan but, according to residential loan officer, Mark Burlison, it can help keep more money in your pocket if you're swimming in debt.

Over the course of the pandemic mortgage lenders stepped in to help homeowners who were at risk of foreclosure says Burlison, who is a loan officer at Homestead Mortgage in Beaumont.

He says the financial options are there, but it takes communication with your lender to get the deal that works best for you and your home.

“The overall goal is to lower your monthly payments, you know, when you're in a situation like that,” Burlison said.

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Here's are some steps to refinancing your home:

  • Talk to your lender
  • Consider consolidating other debt
  • Review your credit

It's a good time to refinance so communicate your needs to your lender and don't be afraid to ask questions says Burlison.

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