Make extra payments whenever possible, even if it’s just a little extra each month: By paying more than your monthly mortgage payment, you can reduce your principal balance faster, which can save you money on interest in the long run.
Consider refinancing to a shorter loan term or a lower interest rate: Refinancing your mortgage to a shorter term or a lower interest rate can help you pay off your loan faster and potentially save you thousands of dollars in interest payments.
Apply windfalls like tax refunds or bonuses directly to your mortgage principal: Instead of spending unexpected windfalls, consider using them to make extra payments on your mortgage principal, accelerating your path to debt-free homeownership.
Look for ways to increase your income and put the extra toward your mortgage: Finding additional sources of income or cutting expenses can free up more money to put toward your mortgage payments, helping you pay off your loan ahead of schedule.
Consider biweekly payments instead of monthly to reduce the total interest paid over time: By making half of your mortgage payment every two weeks instead of one full payment each month, you’ll make the equivalent of 13 full payments in a year, reducing your overall interest costs and paying off your mortgage sooner.
