7 Ways to Pay Off Your Mortgage Sooner
7 ways people could pay off their mortgage sooner:
- Make extra payments on the mortgage, either as a lump sum or on a regular basis.
- Increase the frequency of mortgage payments, from monthly to bi-weekly or weekly.
- Refinance the mortgage to a lower interest rate or a shorter loan term.
- Use a home equity line of credit (HELOC) to pay off a portion of the mortgage.
- Use savings or other investments to pay down the mortgage balance.
- Rent out a portion of the property to generate additional income that can be used to pay off the mortgage.
- Make higher monthly mortgage payments, either by increasing your income or reducing your expenses.