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How to pay off a mortgage early? · Make extra payments toward your principal each month. · Consider refinancing to a shorter loan term or a lower interest rate. With a mortgage refinance, you can shorten your loan term by selecting a 20, 15, or even a year loan. By selecting a shorter term, your monthly payment may. The penalties for paying off your mortgage early can vary depending on the terms of your agreement. In most cases, the prepayment penalty will be the higher of. Make extra payments: One of the most effective ways to pay off your mortgage early is by making extra payments. By adding a little extra money each month. If paying off your mortgage is within reach, you can pay it off early by making a lump-sum payment. If you still have five to 10 years of payments, paying a.
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