IRS Pub 505/during year withold??

Buying first home, we want to max monthly retirement(net) checks from
pensions and Social Security and a few 403Bs. I was going to change
amount to withold for Fed. to a lower amount reflecting mortgage
interest write off at end of year on 1040. Thereby having more monthly
income than a tax refund at a later date. Is this unwise? Is it legal?
IRS Publ. 505; even though I could not understand it; has put a scare
in me. I was going to notify pension companies and 403Bs to take
smaller amounts from mine and wifes; from a total of $575 monthly to
$450 monthly. Something in IRS Pub 505 about getting fined for doing
this incorrectly?? Thanks for any advice! Ron (ront2@xxxxxxxxxxxx)

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