7 Smart Ways to Tackle Mortgage Debt Faster
Introduction Mortgage debt is one of the most significant financial burdens homeowners face. While a 15- or 30-year repayment term might feel set in stone, there are proven strategies to accelerate your mortgage payoff and save thousands in interest. Whether you’re aiming to free up cash flow, reduce financial stress, or build equity faster, this guide outlines seven actionable, expert-backed methods to tackle mortgage debt smarter—not harder. Let’s dive into practical steps you can start implementing today. 1. Switch to Biweekly Payments How It Works : Instead of making one monthly mortgage payment, split it into two smaller payments every two weeks. Over a year, this results in 26 half-payments (equivalent to 13 full payments) instead of 12. Why It Helps : The extra payment each year reduces your principal balance faster, shortening your loan term and slashing interest costs. For example, on a 300 , 000 , 30 − y e a r m o r t g a g e a t 4 300 , 000 , 30 − ye a r m or t g a g e ...
