 TITLE: How to Recast Your Mortgage CONTENT: Alternative Ways to Save Money on Your Mortgage\n-----------------------------------------------\nIf for some reason a mortgage recast doesn't work out, you've still got options for saving money on your mortgage. Here are five of them.\n1.  **Refinance the mortgage to gain a lower interest rate.** This might result in tens of thousands of dollars in savings on interest charges over the life of the loan.\n2.  **Make just one extra payment each year.** This can potentially save you thousands of dollars in interest over the life of the loan.\n3.  **Get rid of mortgage insurance****.** If you made a down payment of less than 20% for a conventional mortgage, you may have had to pay private mortgage insurance (PMI). The insurance protects the lender in case you default on your loan. You can ditch PMI by speeding up mortgage payments in order to reach the 20% PMI threshold.\n4.  **Modify the mortgage** **if you're experiencing financial difficulties.** You may be able to reduce the interest rate or principal, or extend the time you have to pay off the loan.\n5.  **Go over** **your budget****.** When you review your household spending, you may be able to find savings that can be earmarked for extra mortgage payments. END