Many homeowners dream of the day they pay off their mortgage — and for good reason.
It means no more hefty monthly payments, no more costly interest charges, and, for most homeowners, it frees up thousands in extra cash flow. (It’s true: According to the Mortgage Bankers Association, the median new mortgage payment clocked in at $2,256 per month as of April 2024.) Unfortunately, since most U.S. mortgages have 30-year terms, it usually takes decades to pay off a mortgage. And that’s only if you don’t sell the home and move before then, potentially buying another house and starting the whole process over.
Are you looking for financial freedom a bit earlier? It’s possible, but it takes some planning. Read these seven tips for how to pay off your mortgage faster and decide which are the best for you.
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