Originally Posted by
brunt
In most cases, I would suggest paying off debt as the first step.
Be aggressive, ask the maximum that you can pay off, and the maximum amount by which you can raise your payments as well. There are the rules, yes, but there is sometimes some flexibility, especially if rates have gone up since you locked in (and it wouldn't hurt to point that fact out).
We once talked to our guy at the bank, and he offered us the ability to pay it off entirely without penalty. Mind you, this was a Credit Union, but this was after rates had fallen even. He explained to us that he has rules that he has to follow for his entire set of mortgages. As long as he follows that, head office is happy. Never hurts to ask.