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I want to pay off my loan quickly
There’s nothing like the feeling of owning your home, free-and clear. If your financial goals include paying off your house quickly, you have several options.
Bi-weekly mortgages help you pay off your loan faster and are great for budgeting. If you get paid every two weeks, simply make half your mortgage payment each payday. Since there are 26 paydays in the year, you make 13 payments a year instead of 12.
Or, simply choose a shorter term for your mortgage loan. A 15-year fixed loan typically has a lower interest rate than a longer-term loan, so you save money on interest and reach your goal faster.
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