8. Pay off your home as quickly as possible
You’re so close to achieving financial freedom! Now it’s time to attack your mortgage and pay it off in record time. Owning your home free and clear is closer than you think.
Tip 1: Refinance your mortgage to a shorter term.
With a shorter-term mortgage, like 15 years, you could save tens of thousands of dollars in interest and lessen the amount of time you’ll pay for your home.View Mortgage Options
Tip 2: Accelerate your mortgage payoff with bi-weekly payments.
Paying half of your monthly payment every two weeks instead of one full amount every month is an easy way to pay down your mortgage faster. Making 26 half payments results in 13 full payments over a 12-month period. These additional payments reduce the length of your loan while saving on interest.
Tip 3: Keep making extra payments toward your mortgage.
Keep fine-tuning your budget and find more opportunities to make additional payments. This can include reducing expenses and applying any bonuses and raises you receive toward your balance.