Own Your Home Sooner
A home mortgage is the largest monthly expense for most Americans. It’s also an expense that most people can look forward to paying for a long time — typically between 15 and 30 years. This can make the idea of paying off a home mortgage early very tempting.
Doing so can free up hundreds (or maybe thousands) of dollars a month that can be put toward other uses — whether saving for retirement or college, paying down other consumer debt, or simply spending on recreation or luxuries — and save tens of thousands of dollars in interest. Here are five strategies you may be able to implement to pay off your mortgage early.
— Don Sadler