4 Ways To Pay Off Your Mortgage Faster

4 Ways To Pay Off Your Mortgage Faster


A mortgage can be a truly valuable financial tool because it means you’re adding equity into an asset. At the same time, your mortgage can represent a huge chunk of debt that has a lasting effect on your finances. The main question then becomes, how do I pay off my mortgage faster?


Surprisingly, there are many ways that you can accomplish this. The most common and simplest way to pay off your mortgage faster is to make one extra payment each year or increase the frequency to bi-weekly payments.



According to Traci Ghilardi, a mortgage loan consultant with Delta Lending and one of our Preferred Partners, “paying off that extra amount goes towards your principal and could reduce your 30-year mortgage by approximately six to seven years.”


One of Ghilardi’s favorite ways to pay off your mortgage sooner is by rounding up your payments to the nearest $100. “The extra money paid adds up over time and will reduce your principal balance,” she says. “It is extremely easy to do!”


There are also a couple of different options when it comes to refinancing that can help

 you get your mortgage paid off sooner. There are pros and cons to refinancing, but if done right, it could end up saving you thousands on your investment.

If you are currently paying off a 30-year mortgage, try switching to a 15-year term. A shorter-term loan means that your monthly payments will increase, but more of each payment will go towards the principal.


When you refinance with a lower interest rate and keep your monthly payments the same, it means that you’re paying less on interest and more towards the principal. You will see significant savings by combining both refinancing options.

Some mortgages can come with prepayment penalties that are written into their contracts, while other mortgages only allow prepayments at specific times of the year. Remember to ask your lender how you can make additional payments without incurring penalties and fees.

About our Team


The Sherri Patterson Team specializes in residential real estate and relocation, with a combined 75+ years of experience serving the Sacramento, El Dorado, Placer and Yolo counties. We work directly with hospitals, physicians and medical professionals. Whether you're looking to buy, sell or relocate to the Greater Sacramento area, we are the premier real estate team of choice. Our office is located at Keller Williams in Folsom, CA

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