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Pay Off Your Home Loan Quicker

by eBridge author

The average rate of a home loan is 30 years. A home is a huge purchase and the loan will follow you around for a long time. So what can you do to shorten the time it takes to pay it off?

Try refinancing. If you reduce the rate at a shorter term, you can lower your monthly payments.

Double up on your payments. If you can afford it, making double the payment every month is the best way to pay off your loan faster. In fact, for most loans, any payment over and above your monthly interest payment in the early stages of your loan is applied to your principal, and can impact your loan markedly over time.