The home is the largest investment in most people’s lives. And almost always requires a mortgage because not many people have a few hundred of thousand stashed away to buy a house with cash.The most common way that people are taught to pay off their mortgage drains away at their net worth. The mortgage and financial industry wants people to pay on their mortgage for a long period of time and markets 30 year fixed interest mortgages to the public. This act is like the the tobacco companies advertising that smoking is cool, while knowing that the outcome is cancer and lethal. Yes, no term payments on your mortgage is like a cancer to your net worth. Here’s what needs to be done to pay off your mortgage sooner.

1. Make two payments every month. Rather than waiting till the first of each month, send your lender half of the payment on the 1st and the other half on the 15th of the month. This will save you 7 years of payments.

2. Send an extra payment once a year. Maybe you got a tax return after April 15. Send that . This is save you a few additional years.

3. Remember to call in and get rid of Mortgage Insurance payments. Yes, the PMI, common call Private Mortgage Insurance payments are eating away at your money. You might qualify to have it remove. Call your lender.

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