How to Pay Off Your Mortgage Faster
If you have a 30-year mortgage, you may feel as though you'll always be paying off your house. But you can slash the time it takes to pay off your mortgage using a number of strategies, many of which don't require spending a lot of extra money.
When it comes to paying off your mortgage faster, try a combination of the following tactics:
Make biweekly payments.
Budget for an extra payment each year.
Send extra money for the principal each month.
Recast your mortgage.
Refinance your mortgage.
Select a flexible-term mortgage.
Consider an adjustable-rate mortgage.
