If you're struggling with the higher monthly payments of a 15-year mortgage, considering a switch to a 30-year term might alleviate some financial pressure.nnAnother option is a rate and term refinance that replaces your current loan with one that has more favorable terms. For instance, if you have a high interest rate and rates are much lower than what you have, you could refinance to get the lower rate. This process also allows you to adjust the term of your loan, potentially converting from a 15-year to a 30-year. However, be cautious: while this will lower your monthly payments, it may increase the total interest paid over the life of the loan.