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(1) Refinance your existing mortgage to as low a fixed rate as you can get (assuming that this will get you a lower-than-current rate, under 6.5%, and save you money month-to-month - or that it will get you a lower rate and you can take cash out without raising your payments, which would be even better), then make only the payments required on it.

Here is the opposite of this post. If you look at the Buying/Selling a Home Board there are a lot of good suggestions on this:

In particular. If you think that you can pay your mortgage off in 3 years and you know that you have the discipline to do it then go to a 3 year ARM. You can drop your rate down to the 2-3% range. You will have even more cash flow then your current mortgage and you pay your mortgage off in 3 years or less.
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