I find that many buyers have not heard that they may able to recast their mortgage loan after title has transferred into their name.
If you are shopping lenders, you may want to ask them if they will recast your loan later down the line.
Years ago when we bought our first home, I did not know of recasting though I am not sure it was even offered. We're going back about 25 years. Somewhere along the line I learned about it and it can be a wonderful help in lowering your monthly payment.
Recasting the loan is done through your lender, if they allow it, by you, the borrower adding additional money towards your principal payment. Years ago, if you wanted to add extra to the principal, you could do so but your payment would stay the same. Today, if you are able to add money to your principal, many lenders will calculate a new monthly payment for you based on the lower principal amount.
You must contact your lender to see if they offer recasting and if there is a charge for it. The lender through whom we have our mortgage allows recasting but the minimum extra principal payment must be $5000 or more. Then they will figure out the new lower monthly payment for you. This is an especially nice option for people who work on commission or those who receive either year end or monthly bonuses. If you bought a home before your existing home closed, this is a nice option as well. Once you sell your old home, you can take the extra proceeds and apply them to your new mortgage and thereby lower your monthly payment, again, if allowed by you lender.
Be sure to contact both the lender and a certified public accountant to determine if this is an option for you.