Refinance your mortgage
You may be able to refinance your mortgage at a lower interest rate, and that will add up to significant savings over the life of the loan. Paying even 1 percentage point of lower interest could save you thousands of dollars, and a bigger chunk of each payment would go toward building home equity.
Another strategy is to pay a little extra each month or make an extra mortgage payment each year. That could shave years off the life of the mortgage — and sharply reduce your interest costs.
