5 Tips for Paying Off Your Mortgage Faster
With 37% of U.S. households living mortgage-free, it’s more common than you think. Here are a few tips for chipping away at your mortgage a little faster:
- Get a bonus or some extra savings? Make one extra additional each year. This can help knock years off of your loan.
- Round up your payments. Every little bit counts, and this can add up over time. Just make sure you put this towards the principal (see #3).
- Make extra principal payments whenever you can. This will reduce the overall amount of interest you pay.
- If interest rates drop, refinance to a lower interest rate. This can save you a significant amount of money in the long run.
- Consider a shorter loan term. While this may mean higher monthly payments, you'll pay off your mortgage faster and save on interest.
What are your best tips for paying off your mortgage faster? Share them below!