It used to be that people would buy a house for cash or a loan with a much shorter payoff schedule than today’s typical 30 years.  The house would stay in the family and get passed on through generations.  Today – the average time spent in a house before selling it is 10-13 years.  Paying off the mortgage is still a goal many have.   Here are a few tips to help pay off that huge debt:

1. Make an extra payment each year, by paying a little extra each month, or a full extra payment once a year.
2. Setting up a bi-weekly payment will accomplish an extra payment a year.
3. If you can’t make a full extra payment a year, even a little extra every month will help shave your principle.
4. Sometimes refinancing can reduce the interest rate, thereby reducing the payment, making it easier to pay extra.
5. Refinancing to a 15-year loan does wonders.   Look at ways to shave other expenses to enable a larger monthly payment.    If you do want to consider refinancing, carefully look at the numbers to make sure the expense associated with refinancing is worth it in the long run.

A good lender can help you decide and let you know your options.   Just ask – I can recommend a few trusted ones.