www.sentrypc.com

6 Tips to Pay off Your Mortgage Faster

Refinance Your Loan: Refinancing a 30-year fixed mortgage to a 15-year fixed mortgage can help you save thousands on interest and build equity faster. Short-term mortgages typically have a lower interest rate, which means even more savings.

Make Extra Payments: If you don’t want to refinance, adding a few more dollars to your mortgage payment each month or even just once a year (maybe with that tax refund) can help you get it paid for quicker. Make sure all extra payments are credited toward your loan principal, not the interest, and your mortgage does not have a pre-payment penalty.

Create a Budget: Seeing how you spend your hard-earned dollars can help you find ways to put more money toward paying down your mortgage each month.

Change Your Payment Schedule: In a biweekly payment plan, you pay a mortgage “half-payment” every other week, and at the end of the year, you will have made thirteen payments instead of twelve, one extra payment.

The Proof Is in the Pudding: Use this calculator to see the impact extra payments could have on the life of your loan.

Positive Effects: Some experts say that having your home paid off before retirement can lead to happier golden years due to reduced cash-flow needs and the peace of mind from being debt-free.

Here is a brief summary of the benefits of refinancing:

  • Lowering your interest rate.
  • Shortening the life of your loan.
  • Consolidating debt & gaining cash with cash-out refinancing.
  • Getting rid of private mortgage insurance (PMI).
  • Reducing financial risk.
  • Adding or removing a loan cosigner.

Read more here on the guide on mortgage refinance.

More From RunAroundTech.com

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

DON'T MISS

The Future of Recruitment: How Artificial Intelligence Is Redefining Hiring

Discover how AI is reshaping hiring with smarter sourcing, bias reduction, and ethical recruitment trends.

The CORSAIR Nautilus 360 RS ARGB Liquid CPU Cooler

The CORSAIR Nautilus 360 RS ARGB Liquid CPU Cooler. It’s an all-in-one cooler compatible with both Intel and AMD motherboards.

MORE FROM RUNAROUNDTECH.COM

From Music Fests to Marathons: How Tech Keeps Crowds Safe

Cutting-edge tech like AI surveillance, analytics, and smart radios helps keep crowds safe at marathons, music festivals, and other major events.

Fastport eQuad, Flagship Product from New Honda Business Venture, Wins “Red Dot: Best of the Best 2025” Award in...

Honda today announced that the Fastport eQuad, an all-electric micromobility vehicle for last-mile delivery, has won the Red Dot: Best of the Best 2025 award