What are the best strategies for paying off a mortgage early?
What are the best strategies for paying off a mortgage early?
Paying off a mortgage early can save thousands in interest and provide financial freedom. Start by making extra payments toward the principal or opting for biweekly payments instead of monthly ones. Lump-sum contributions, such as bonuses or tax refunds, can also accelerate repayment. Refinancing to a shorter loan term with lower interest rates may further expedite the process. Be sure to confirm there are no prepayment penalties in your loan agreement before implementing these strategies.