Cut Your Mortgage in Half with These Tips
Consider a Shorter Loan Term
Opting for a shorter loan term, such as a 15-year mortgage, can also help you pay off your mortgage sooner. While this typically means higher monthly payments, the interest rates are often lower, and the total interest paid over the life of the loan is significantly reduced. According to the Mortgage Bankers Association, shorter-term loans can save homeowners a substantial amount of money4.