A Little-Known Strategy For Reducing Mortgage Payments

With deposit rates so low, it may be better to use extra savings to pay off a lump sum of your mortgage principal. This is described in this New York Times article:

A little-known strategy, called “recasting,” or “re-amortization,” is available through some mortgage lenders and servicers.

It involves paying off a lump sum of the principal amount and asking to have the monthly payments reset according to the original interest rate and loan terms.