If you've been in your house for awhile and you have a conventional loan, you may be able to lower your monthly payments. Part of your monthly payment may be Private Mortgage Insurance or PMI. Once the loan value is less than 80% of the house's market value, the PMI should be removed. Not all mortgage companies will do this automatically, so the savvy homeowner will keep an eye on it. If you've been in your house for 5 years or more, it would be worth checking out. However, your remaining loan balance may not be the only factor to consider. If you live in a neighborhood that has had some good appreciation, it might be worth getting an appraisal. Before spending the money, check with the lender first to see if they are willing accept an appraisal. And before that, work with a Realtor® to get an idea of the market value.