The American Dream is to pay off your mortgage fast and own your home free-and-clear.
There are programs to help you do this.
- Shorten the term of your loan. The shorter the term, the lower the rate.
- Make extra payments during the year.
If you already within 10 years of paying your loan off, consider refinancing into an adjustable rate loan with a fixed period of seven-to-ten years.
Popular Options
- Switch your 30-year loan to a 15-year term.
- Adjustable Rate Loans
Benefits
You will save tens or hundreds of thousands of dollars in interest, depending on your size loan and how quickly you pay it off.
You will free up cash for living expenses or other investment.
A Word of Caution
It’s usually isn’t wise to dip into savings to pay your mortgage off. There are extenuating circumstances though. Your financial planner or accountant can guide you.
