Paying off your mortgage quicker can give a great sense of relief and a pride of full ownership to your property. It can help you sell your property after a good appreciation too and buy a better one instead.
The following are the best 5 Steps Towards Paying Off Your Mortgage Quicker,
1) Go for prepayment options if available, if you have a big cash at hand, negotiate with interest rates with Mortgage lender and pay off them fully and stay relieved.
2) Ask for short term, bi monthly payment schedules, and reduce the number of years of repayment period into half.
3) Look for other lenders with lesser interest rates and if possible switch over to them and refinance.
4) If allowed make additional payments towards reducing the principal, and so the interest rate for that may be reduced.
5) If your repayment history is good, then ask for reduction in interest rates, as the risk of the lender is lowered now.