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How to Pay Off Your Home Faster in Five Steps

How to Pay Off Your Home Faster in Five Steps

For homeowners, the key to becoming debt free for life is paying off your mortgage as quickly as possible. Of course you can’t even think about doing that unless you have the right kind of mortgage — which is to say, a 15- or 30-year fixed mortgage with payments you can afford to make. If you don’t have that kind of mortgage, I’m going to tell you how you can get one. But for the moment, let’s assume you either have that kind of mortgage or are shopping for a mortgage and can choose. How do you make the right choice so you can pay it off as quickly as possible?

Step 1: If You’re Loan Shopping, Choose a 15-Year Mortgage.

If you can manage the higher monthly payments, signing up for a 15-year fixed mortgage is the way to go. Not only will you be free of your mortgage debt sooner, but you will also save A LOT of money in the process.

Let’s say you have a $300,000 mortgage with a 6% interest rate. Paying it off in 30 years will cost you $647,515, and $347,515 will be interest. Read More >>

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