Owning a home can be daunting due to long-term mortgages, but there are strategies to pay them off faster, saving money on interest. Options include increasing monthly payments, making bi-weekly payments, refinancing for lower rates, rounding up payments, and applying unexpected income or extra payments directly to the principal. Avoiding lifestyle creep is also crucial to maintain focus on debt reduction. Implementing these strategies can lead to financial freedom and peace of mind in homeownership.
Continue to full article