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.

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