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How to Pay Off Your Mortgage Sooner

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April 19, 2017

Buying a home is one of the best ways for the average person to build wealth. But that mortgage is a long-term obligation that will impact your finances for years to come.

If you can pay off that mortgage early, you may be able to retire sooner. Credit.com suggests three basic ways to do that:

Set up a biweekly payment plan where you pay half the monthly amount every two weeks. By doing this, you make an extra payment every year.

Pay more than what's required. Add 10 percent to those monthly payments and you can pay off a 30-year loan in just 25 years.

Make an extra payment each year. If you do this, make sure the lender knows you want that extra money applied to the principal.

Take it from someone who’s done it: Tearing up that mortgage early is one of the great pleasures in life.

More Info: 3 Easy Ways to Pay Off Your Mortgage Faster

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