Paying off the mortgage in 10 years might sound nuts. However, it’s more than possible that you can do this considering the benefits of saving a decent amount of money while being able to call the home your own, as a result.
Of course, with the housing market still recovering from the crash, one can still meet this objective quite easily.
So, here are 3 ways by which you can pay off the mortgage in 10 years:
#1: Speed up your payments
If you speed up your mortgage payments, this will be the fastest way by which you can pay off your mortgage loan. For this, take one monthly mortgage payment and divide it by 12. Now, add that amount to the monthly payment. Make sure this new amount is added to the principal amount.
#2: Rent out space
Another easy way by which you can make money is by renting out unused space in your home to either students or vacationers. There are a number of sites to find long-term tenants too. Also, you can rent out storage space or even parking lot. Since the former is really short-term, you don’t have to rent out your space all the time.
#3: Refinance your loan
There are a number of ways by which refinancing can help you. You can either get a lower interest rate, shorten the loan and make higher payments or lower the payments and pay off the difference towards the principal. This can literally save you thousands of dollars as it can help you get a brand new loan altogether.