4. Refinance Your Mortgage
Simply put, refinancing your mortgage is getting a new loan to replace the original. Refinancing your mortgage loan can help you in a couple different ways:
- You can shorten the loan and commit to higher payments to pay off your debt sooner.
- You can take advantage of better mortgage rates.
Refinancing could allow you to pay off your mortgage early and cut your interest costs, according to U.S. News. It might also eliminate private mortgage insurance, and those funds could then be used to pay off your mortgage principal, which will speed up the process even more.
