Buying a home is a dream most of us harbor as adults. Being a home owner signifies success and freedom as a result of having taken our responsibilities seriously and created a life that supports home ownership.

There are drawbacks, however, especially if we buy more home than we can afford long-term, and find ourselves unable to make other investments that allow for early retirement due to having all our income tied up in mortgage payments.

The solution is to own our home outright by paying off the mortgage as quickly as possible. This can be a tough uphill battle initially. However 7 expert tips below provide ways to pay off your mortgage faster than ever.

1- Make Bi-Weekly Payments

Consider submitting half the monthly payment to your lender every two weeks instead of the typical monthly payment. This reduces the interest because owed substantially over the life of the mortgage. You effectively make an extra payment due to having made 26 yearly payments instead of the customary 24. Doing this for the duration of the loan shaves off several months from the contract and reduces interest paid over the time of the loan. Continue reading →