If you're on the way to buying a new home, you're probably wondering what you can do to pay as little as possible on your monthly mortgage. Mortgage payments typically take up a large portion of a family's monthly bill so it could really help if your mortgage bill is not as high as what most homeowners pay for.

Here are some tips for you to bring your monthly mortgage payment to a minimum:

A Large Down Payment

A large down payment won't only reduce your monthly payment, this will also help reduce your overall debt. Although of course, this would mean having to scrape off a big amount of money from your savings account. However, the benefit of providing a large down payment is worth the big expense. So if you don't think you will suffer financially if you pay a large down payment, don't think twice in doing it as it will surely make your monthly mortgage payment easier to manage.

Keep Your Credit Record In Good Shape

It is possible for a lender to give a borrower a lower interest rate if the said person has a good credit history. Basically, when lenders check your credit record, they are assessing how much of a risk you are. So if you present yourself as a 'low risk' borrower, it is possible for lenders to qualify you for an interest rate that is lower than what they would give to a borrower with a low credit score.

So before you apply for a mortgage, make sure that your credit score is looking good. This is to ensure that your mortgage debt will be as little as possible, allowing you to have a more manageable mortgage bill each month.

Longer Loan Term

If your only goal is to have a lower monthly payment for your loan, you can go for a longer loan term. You should note however, that even though this will reduce your monthly mortgage dues, this will also increase your total mortgage debt. So if you think that a manageable monthly mortgage payment is all that you need, even though this means longer payment period and higher dues, then you can go for it. However, if possible, it's better to just pay a higher down payment or get a lower interest through a good credit history rather than being obliged to pay for a longer and higher mortgage.