The home buying experience can be intimidating, especially when you’re a first-timer with little knowledge about the process at all. It’s easy to dream of your life in that gorgeous coastal home with floor-to-ceiling windows, but when it comes to signing a mortgage to afford that glitz and glamour, your wallet may not be so enamored. In fact, the vast majority of home buyers opt for a 30-year term mortgage that allows them to secure the real estate of their dreams without breaking the bank in one fell swoop.

Not only are monthly payments easy to handle, but they also provide a sense of financial security for first-time buyers. There are, however, a number of cases where even a more manageable mortgage may prove difficult to keep up with. Large mortgage payments can account for a giant chunk of your monthly income and effectively leave you struggling to make ends meet.

Whether you’re looking for ways to lower your mortgage payments each month or simply want to make your mortgage work better for you and your wallet, we’ve compiled this comprehensive guide on how to do it all. Read on for our tried and true tips and tricks.

Tip #1: Choose an asset-based mortgage

Asset-based loans are becoming increasingly popular among home buyers across the country as they use assets as collateral rather than income. In essence, this means that you borrow against your assets, so the amount you are granted for your loan, also known as the borrowing base, is determined by a percentage of the assets’ value. Using an asset-based mortgage, you are able to use 70% of the amount you have in retirement and investment accounts and 100% of liquid assets to leverage your real estate payments.

Not sure where to begin? Check out Griffin Funding asset-based mortgages. They feature a number of attractive benefits and easy-approval perks worth considering as you venture into the world of real estate financing.

Tip #2: Make a larger down payment

If you’re taking your time before pouncing on that beautiful dream home, it works in your favor to save up and make a larger upfront down payment to lower the subsequent monthly payment amounts. The more you’re able to dish out on the down payment, the better. In fact, if you up at least 20% down, you won’t have to pay for any private mortgage insurance fees that can quickly add up.

Tip #3: Rent out part of your home

If you’re struggling to keep up with your mortgage payments and have an extra room that’s causing a bit of heartache, you may consider renting it out to generate some extra cash flow. Whether it’s a single bedroom or a full basement, revamping it into a space that friends or visiting tourists can stay in can prove to be quite lucrative.

While renting out with Airbnb is a popular option, there are a number of other temporary rent sites on the web that allow you to connect with travelers in need of temporary lodging. Putting the extra money you earn toward your mortgage will have a significant impact on your wallet—and for the better!

Tip #4: Refinance with a shorter-term mortgage

Refinancing a loan may sound like a big and scary feat, but it’s a popular option for home buyers who are looking to do away with a dreadful 30-year pay period. Refinancing your mortgage is a painless way to lower your mortgage’s interest rate and reduce the term period. The rates will largely depend on the overall state of the market, but it’s important to factor in the closing costs associated with refinancing as they could change your mind.

Tip #5: Pay extra each month

While the majority of people like to spend their disposable income on a new pair of shoes or a fancy dinner at a steak house, new home buyers who are interested in making their mortgage work for their wallet should consider putting that fluff money toward their home loan. By attacking the principal amount due with regular extra monthly payments, not only will reduce the amount due, but you’ll earn some peace of mind knowing that the amount of interest that you pay over the life of the loan is significantly reduced.

Have you ever struggled to keep up with your mortgage payments? What tips do you have? Leave them in the comments below!