The faster you can pay off your mortgage, the more you’ll save in interest and the faster you can build wealth. Here are five ways to do it sooner:

1. Add a bit to your monthly payment.  Finding an extra $50 each month could shave years – and thousands of dollars – off your mortgage.
2. Make a yearly pre-payment. Put a lump sum on your mortgage each year i.e. tax refund or bonus. There is a much greater impact when made early in the mortgage.
3. Increase your income? Increase your payments. Just pretend your income didn’t increase and maintain your usual lifestyle.
4. Choose bi-weekly payments. Instead of paying monthly 12 times per year, pay every two weeks for 26 payments, giving you one more payment each year.
5. Stay informed. Don’t let your mortgage go on auto pilot. Save money at renewal and take advantage of opportunities.

Looking forward to your own mortgage-burning party some day? I can help.