Homeowners often look for ways in which they can get out of mortgage debt fast and own their home outright. A home loan payment is one of the most costly expenses someone can obtain during their life and it’s reasonable that homeowners would want to get out of mortgage debt as soon as possible.
However, one of the more affordable mortgages a homeowner can choose is a 30-year fixed rate mortgage, which can bring lower monthly mortgage payments but can cost much more over the entirety of the mortgage lifetime and obviously has one of the longer lifespans. Some homeowners may benefit from a 15-year fixed rate mortgage if they are looking for a way to pay off their home loan fast.
A 15-year fixed rate mortgage can bring a lower interest rate, depending on the homeowner, than a 30-year mortgage and over all a homeowner will usually pay less with this type of mortgage. One drawback is that a 15-year fixed mortgage often comes with a higher monthly payment than some other home loans.
There are homeowners who simply pay more then their minimum monthly payment on their home loan in order to get out of debt faster. By paying a few hundred dollars more a month on a mortgage payment, a homeowner may be able to get out of mortgage debt years ahead of schedule and at less of a cost.
Some mortgage lenders do charge a penalty if a homeowner pays their mortgage early, so this will be something to be considered. No matter what path a homeowner chooses to get out of mortgage debt early, it’s important that they make sure that this plan is going to be within their financial means and allow them to avoid any financial strain.