These days, many households are looking for ways to save a bit of money. When you’re stretched financially, whether due to job difficulties, increasing expenses, or the desire to save for your future, every little bit you can save helps. Because your mortgage is probably your biggest bill, it’s one of the first places to look when you want to save. You can use many strategies to save money on mortgage payments, and these are just a few of the best.

1. Refinance Your Mortgage at a Lower Interest Rate

If you got your mortgage at a time when the interest rates were high, you should definitely consider refinancing now. Fixed interest rates are at their lowest levels in decades, and locking in a low rate now can save money on mortgage payments for years into the future. After all, why would you want to pay your bank more interest than you had to? When you refinance, consider keeping or shortening your repayment term so you don’t miss out on some of the potential savings. Your mortgage loan payment should be lower only because of your lower interest rate, not because you’re going to take longer to pay it off. After all, the goal is to repay your mortgage early so you pay as little interest as possible.

2. Make Biweekly Mortgage Payments

The monthly payment schedule you’ll find on almost all mortgages is an incredibly arbitrary schedule, especially if you get paid biweekly. Instead of sticking to your bank’s schedule, switch to a biweekly mortgage payment schedule. You’ll pay half of your regular monthly payment amount every two weeks, which means that you’ll make three payments during a couple of calendar months each year. The extra mortgage loan payment each of these months goes straight toward principal, which accelerates your loan repayment. Not only do you directly reduce what you owe, but you indirectly affect all of your future payments because you owe less interest every month.

3. Save Money on Mortgage with Extra Payments

You don’t have to stop with just switching to a biweekly mortgage schedule. Instead, also start adding a little bit extra to your payments. Giving up your morning latte and brewing coffee at home instead can allow you to save enough money to add just $20 or $30 to each mortgage loan payment. This extra payment lets you chip away at your mortgage principal all year long, not just the months when you make a third half payment. You’ll have the satisfaction of knowing that more of your money is going toward principal and less of it is going toward interest!