(CTV News ) Today's historically low mortgage interest rates are giving homeowners a lot of options, says Jim Duffy, a mortgage banker with Cole Taylor Mortgage.
How to Cut Mortgage Payments Now
Delicious Reddit

JANUARY 21, 2013
Terence Loose, Yahoo Homes

Good news: there are ways to lower your mortgage payments, decrease the amount you'll pay in interest, and own your home sooner.
Refinance to a Lower Interest Rate. It's a simple idea: If you refinance your loan to a lower interest rate, and all other factors remain the same (like the length of the loan, for example), you'll have a lower monthly payment.
Convert Under-Performing Assets into Equity:There's a flip side to historically low interest rates on mortgages, and that's very low interest rates on savings and other interest-bearing investment accounts. So for some people, using that money to pay down their mortgage, often through refinancing, could make financial sense.
Read more: Yahoo Homes