What can I do to pay off my mortgage faster?​ 

There are a few things you can do if you are looking to pay off your mortgage faster, including putting any extra funds toward or refinancing your current home loan.  

Before you start paying off your mortgage quicker, you will want to make sure you know what that will look like and if it makes sense for you to put more money toward your mortgage. 

Looking to start paying off your mortgage faster with the help of a refinance? Start a mortgage refinance application today! 

Is it a good idea to pay off my mortgage faster?​ 

If you can, paying off your mortgage faster could be a good idea and may save you on the amount of interest you will pay over the life of your loan*. 

A portion of your monthly mortgage payments go toward the interest on your loan. Paying off your mortgage faster could reduce the amount of time you would be paying interest on your loan.  

Of course, not everyone is in the place to put extra money into paying off their mortgage early. If you have funds available, paying off your mortgage faster could be a good idea.  

However, it is not always a good idea to spread yourself too thin financially or drain your savings to pay off your mortgage faster. 

When does it make sense to pay off a mortgage quicker?​ 

It might make sense to start paying off your mortgage quicker if you have available funds in the form of either a lump-sum or increasing monthly principal payments.  

Paying off your mortgage quicker will reduce your debt-to-income (DTI) ratio and lower your monthly expenses faster than you may have expected. If you are hoping to lower monthly expenses or reduce your DTI ratio, it might make sense to pay off your mortgage quicker. 

How do I pay down my mortgage faster?​ 

Those looking to pay down their mortgage faster can increase their monthly payments, make a lump-sum payment or increase your payment frequency. 

• Increase monthly payments: If you have some extra funds at the end of each month, putting that toward your mortgage principal could help you pay down your mortgage faster. 

• Make a lump-sum payment: A large lump-sum payment, or occasional lump-sum payments, toward your mortgage principal is one way to pay down your mortgage quicker. 

• Increase payment frequency: Switching from monthly payments to bi-weekly payments would result in one extra monthly payment a year, reducing the length of time you will pay your mortgage. 

While these methods might not pay off your mortgage immediately, they can help speed up how long it will take you to fully pay off your mortgage. 

Make sure to check with your lender to see if there are any costs or fees associated with paying off your mortgage quicker. You could also pay down your mortgage faster with a mortgage refinance. 

Can a mortgage refinance help me pay off my mortgage quicker?​

Yes, a mortgage refinance could help you pay off your mortgage quicker. There are two major mortgage refinances that can help you pay off your mortgage quicker: rate-and-term refinance and a cash-in refinance. 

A rate-and-term refinance will replace your current mortgage with new one that comes with an updated rate or new loan length. This is what most people think of when talking about a refinance.  

If the rate you get on your new mortgage is lower than your current one, you could save on interest paid every month. Putting that extra money into your loan principal could help you pay off your mortgage quicker. If you choose to shorten the length of your loan through a refinance, you may pay more each month but for a shorter period. 

A cash-in refinance could help you pay off your mortgage quicker and lower the rate on your loan. For a cash-in refinance, you will make a lump-sum payment toward your mortgage when you close on your refinance. This will lower your loan principal and could help speed up the time it will take for you to pay off your mortgage. 

How can I start the mortgage refinance process today? 

You can start the mortgage refinance process today by beginning an application. 

Applications for a mortgage refinance can be completed online and will connect you to a professional Loan Officer. The Loan Officer you are connected with could help you with the application process and help you figure out the right refinance for you. 

Ready to start the mortgage refinance process today? Begin your application! 

_{*Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Owning for current rates. Restrictions apply.} 

_{Applicant subject to credit and underwriting approval. Restrictions apply.} 

_{Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Owning does not guarantee or assume liability for the accuracy, completeness or timelines of the information. You should conduct additional research before making any mortgage related decisions.}