On average the biggest form of debt anyone will acquire during their lives will come from their mortgage. A mortgage payment is something that many people make their first priority as keeping a home is not only expensive but shelter is one of the most basic needs.
While there are many options for people who are looking to keep a roof over their head, it’s quite understandable that people who are paying a mortgage will want to own their home outright rather than risk losing their home if they can’t meet their mortgage payment. It’s for this reason that many people seek out ways to pay their mortgage debt faster.
Sadly, owing a large amount of money on a mortgage isn’t something that someone can simply save up for and pay off. A typical mortgage is the 30-year fixed rate mortgage which usually comes with an affordable monthly payment but can cost almost double the original home loan amount when interest is factored in.
It’s understandable that people who are paying a home loan want that debt gone with the least amount of cost to them. However the problem becomes how can a homeowner pay more on their home so that they do not have to stretch payments out over 30 years.
There are options like the 15-year fixed rate mortgage that come with a low interest rate and, obviously, a shorter time period for repayment. Also, over the life of the home loan a homeowner will usually pay less money with this type of mortgage and they can get out of mortgage debt in a timelier manner.
One reason many people don’t choose this option is because it comes with a higher monthly mortgage payment than some other home loans. Paying more than the minimum monthly requirement on, for instance a 30-year fixed rate mortgage, or obtaining a 15-year fixed-rate mortgage is going to be one of the only ways to get out of debt as quickly as you can.
Keep in mind some mortgage lenders will charge a penalty if you pay early, so this may need to be considered, but if you want to get out of mortgage debt as fast as you can it’s going to take saving, budgeting, and making financial sacrifices so that you can focus as much money as you can on your home loan.