The real estate market crash of 2009 created a wake of chaos. People were laid off from their jobs and couldn’t afford their mortgages, which were now underwater. Interest rates decreased to help stabilize the market. They rose, then plummeted again in 2021, post-pandemic, to help stimulate borrowing.

That was a great time to buy a house. Let’s say you were able to purchase a $750,000 home with a 20% down payment of $150,000 and an interest rate of 3.885% for a 30-year loan. Your monthly payment would run you $2,825 a month, not including taxes, insurance and other fees. That same loan with a 6.885% interest rate would cost you $3,946.

The good news for borrowers is that the Fed’s recent interest-rate cut means it’s less expensive to borrow money. Staci Pratt is a California-based mortgage broker and real estate agent who says that the last time money was cheap, home prices skyrocketed. “It was really difficult for people to buy.” But she thinks this time it’s different. “I'm anticipating it's going to be a gradual reduction, but there's going to be a reduction.”

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But for those who do have a mortgage payment currently, no matter when you purchased your homes, here are some steps to consider to lower your monthly bill.

I got a letter from my lender letting me know that the home I purchased in 2018 had gained value and it was possible to drop my PMI (private mortgage........

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