Title: Ways to Pay Off Your Mortgage Faster | Interest.com
Headings: 3 free ways to pay your mortgage faster
3 free ways to pay your mortgage faster
Point of Interest
3 ways to pay off a mortgage faster
Increase your monthly checks by one-twelfth.
Make one extra payment a year
Pay half of your regular monthly payment to biweekly payments
How much could you save?
Benefits of paying off your mortgage early
Downsides of paying off your mortgage early
Refinancing vs. paying your mortgage faster
Refinancing during the COVID-19 pandemic
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Julia Taylor
Personal Finance Contributor

Content: Keep in mind that mortgage rates can fluctuate and the APR will depend on many different factors such as your credit score, the price of the home, your income and your debt-to-income ratio. Still, the national average mortgage rates have consistently been at or under 3% for several months. Benefits of paying off your mortgage early
While eliminating your monthly mortgage payment is an obvious benefit of repaying your loan early, there are several additional benefits you may gain from sticking to an aggressive repayment plan. Depending on your loan arrangements, you are likely paying more than the calculated principal and interest on your mortgage. Many mortgages have an escrow arrangement that pays for property taxes, homeowners insurance premiums and private mortgage insurance (if you’re required to pay this). By repaying your loan, you will eliminate your mortgage insurance completely, and you may also have an opportunity to reduce your homeowner’s insurance premiums. Utilizing an accelerated repayment plan also increases the equity in your home faster and improves your debt-to-income ratio by paying down the loan principal faster. Taking these steps can put you in a better financial position to help you reach any other financial goals you may have. Downsides of paying off your mortgage early
Although there are many benefits to paying off your mortgage early, there are still some downsides to consider before making that decision. The first potential issue is that it costs money to refinance.