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For homeowners out there- old or new, finally paying off your mortgage is a dream come true. Having this huge financial burden lifted off your back will free up a lot of space in your monthly budget.
Be sure to avoid a short-term mortgage as an easy way to keep you out of a financial bind, as a 15-year mortgage can financially be much tougher to pay off than a 30 year one.
Another step to paying off your mortgage more quickly is to ensure that you’re actually paying down your principle. This is to ensure you are not throwing money away towards only interest rates, but rather toward the actual loan itself.