How can I lower my mortgage payment?
I feel like my mortgage payment is too high, and it’s keeping us from doing other things such as repairs to the house. I don’t doubt that we got in over our heads when we purchased the house, and some unexpected things (such as family illness which effected household income) occurred a few years ago.
We’re over 5 years into a 30-year fixed mortgage (right at 6% interest) for a $ 160,000 loan. Our payment is over $ 1,200. Most mortgage calculators have it much less than that. I realize that our insurance is added in and so on, but should it really be that high?
We filed bankruptcy over 2 years ago, but that was mainly due to some medical issues. We didn’t include our mortgage or some other bills. We’ve made our payments every month since we’ve lived there. We haven’t had it appraised in the last five years, but I would guess it would appraise at around $ 180,000.
Our mortgage was through CitiMortgage (which sold to Fannie Mae).
Is there anything we can do?
Thanks in advance.