Without doubt, it’s common for people to want to pay off their mortgage faster. It’s draining and stressful to have a huge financial debt hanging over your head.

Paying off a home mortgage in 7 years or less is a daunting task, but it is not impossible. Here are some ways to help you pay off your mortgage faster.

Dealing with the home loan and repayments:

1. Make biweekly payments: Instead of making one monthly payment, you can make half of your monthly payment every two weeks. This will result in 26 half-payments, or the equivalent of 13 full monthly payments per year. This can help you pay off your mortgage faster because you will be making one extra payment each year.
2. Round up your payments: If you are unable to make biweekly payments, you can round up your payments to the nearest hundred or thousand. For example, if your monthly payment is $1,200, you can round it up to $1,300. This will result in an extra payment each year, which can help you pay off your mortgage faster.
3. Refinance your mortgage: If interest rates have dropped since you took out your mortgage, you may be able to save money by refinancing your mortgage to a lower interest rate. A lower interest rate means you will pay less in interest over the life of the loan, which can help you pay off your mortgage faster.
4. Make a lump sum payment: If you come into some extra money, such as a bonus or inheritance, you can use it to make a lump sum payment on your mortgage. This will reduce the principal balance of your loan, which will help you pay off your mortgage faster.
5. Increase your monthly payment: If you are able to increase your monthly payment, you can pay off your mortgage faster. This can be especially effective if you have a fixed-rate mortgage, as the additional payment will go toward reducing the principal balance of your loan.

7 Things you can do that will help you pay off your mortgage faster.

Aside from the tips above, and I’d always recommend you review your mortgage annually at least to see where things are at and what other lenders are providing at that point in time.

These are some ideas to start to pay your mortgage off sooner.

1. Make your home more energy efficient: Making your home more energy efficient can save you money on your energy bills each month. You can use these savings to make additional payments on your mortgage, which will help you pay it off faster.
2. Rent out a room: If you have an extra room in your home, you can rent it out to generate additional income. This income can be used to make extra payments on your mortgage, which will help you pay it off faster.
3. Create a budget: One of the best ways to save money is to create a budget and stick to it. By carefully tracking your income and expenses, you can identify areas where you can cut back and redirect that money toward paying off your mortgage faster.
4. Reduce your expenses: Look for ways to reduce your expenses, such as cutting cable or reducing your cell phone plan. You can also negotiate lower rates on your bills, such as your car insurance or gym membership.
5. Increase your income: Consider ways to increase your income, such as taking on a side job or starting a small business. You can also ask for a raise at work or negotiate a higher salary when switching jobs.
6. Save on taxes: There are several tax credits and deductions available that can help you save money on your taxes, which you can then use to pay off your mortgage faster. These include the mortgage interest tax deduction, the property tax deduction, and the home office deduction.
7. Save on interest: If you have credit card debt or other high-interest loans, consider paying them off first. This will save you money on interest and allow you to redirect that money toward paying off your mortgage faster. You can also consider refinancing your mortgage to a lower interest rate, which can save you money over the life of the loan.

5 Best Selling Books that Teach you How to Pay Off Your Mortgage Faster

1. “The Total Money Makeover: A Proven Plan for Financial Fitness” by Dave Ramsey: This New York Times best seller provides a step-by-step plan to help you pay off your mortgage and become debt-free. The book emphasizes the importance of creating a budget, saving money, and investing wisely.
2. “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence” by Vicki Robin and Joe Dominguez: This classic personal finance book teaches you how to live a financially independent and fulfilling life. The book includes strategies for paying off your mortgage faster, such as reducing your expenses and increasing your income.
3. “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko: This bestselling book examines the habits of wealthy individuals and reveals the common traits that contribute to their financial success. The book includes tips for paying off your mortgage faster, such as living below your means and investing in assets that appreciate in value.
4. “Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner” by David Bach: This personal finance book is specifically designed for couples and teaches you how to create a financial plan together. The book includes strategies for paying off your mortgage faster, such as making a budget and saving for the future.
5. “The Simple Path to Wealth: Your road map to financial independence and a rich, free life” by JL Collins: This bestselling book provides a simple and straightforward guide to building wealth and achieving financial independence. The book includes tips for paying off your mortgage faster, such as saving and investing wisely and avoiding debt.