How To Pay Your Mortgage Off Faster

Although your mortgage is amortized to twenty-five or thirty years, it surely doesn’t mean it should take you that long to pay it off. 

In my experience working with borrowers from every income level imaginable, a common reason borrowers don’t pay off their mortgage faster is because they aren’t aware of how to do so. It has nothing to do with money and running into significant wealth, as some people believe. It’s really all about taking the same proactive steps consistently.

Every mortgage borrower should map out a plan to become mortgage-free in their desired time frame. So, for example, if you want to become mortgage-free in 15 years, you need to map out steps you will take to reduce your mortgages’ amortization period to 15 years.

I can help you produce a successful plan that is very easy to maintain. 

Here are the ways I help borrowers to get out of mortgage debt quickly:

Get rid of high-interest debt.

One way I help people recover more money each month so they can redirect it to their mortgage is through debt consolidation. High-interest unsecured debt is a roadblock.

Minimum payments are highly unsuccessful in paying off the actual debt, so borrowers find themselves trapped in a cycle of making minimal monthly payments but never getting out of debt. 

Pay your mortgage based on a shorter amortization schedule. 

Yes, mortgages can be amortized out to 30 years, but you don’t have to pay your mortgage based on that time-frame. 

Depending on your financial situation, we can set your payments to a shorter amortization period so you end up making prepayments and reduce your mortgage balance quicker. 

I don’t recommend changing your original amortization length because, in the event you lose your job or run into an unexpected situation where cash-flow is restricted, you can change your payment back to the lower amount without consequence.

Change your payment frequencies.

You don’t have to pay your mortgage at a monthly frequency if it was registered that way. The more time between payments, the more interest you will pay. Therefore, speeding up your payment frequency will reduce your interest payments.

Pay your own property taxes.

Many people have their mortgage lender pay their property taxes for them to ensure they don’t fall behind on property tax installments. The tax payments are collected with the mortgages’ principal and interest payment each month. 

Unfortunately, the property tax installment is higher than the actual property tax amount because the lender likes to keep a surplus in a tax account to pay any increase in taxes year after year without changing the scheduled monthly payment. This  takes away from cash-flow each month which can be redirected to lowering the mortgage balance. 

Tip: You can set up a pre-authorized payment plan directly with your town or municipality to avoid paying more than you have to each month for property taxes. 


Please speak to me today. Call 647-773-4849 or  email me at sarah.colucci@coluccimortgage.com

I look forward to working with you. 

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