How to Slash Your Mortgage Debt Without Refinancing
Introduction Mortgage debt is one of the most significant financial burdens homeowners face. While refinancing is a popular strategy to reduce monthly payments or lower interest rates, it’s not always the best option. Refinancing often comes with closing costs, extended loan terms, and stringent credit requirements. Fortunately, there are alternative strategies to shrink your mortgage debt faster—without refinancing. In this guide, we’ll explore actionable, budget-friendly methods to help you pay off your mortgage sooner, save thousands in interest, and achieve financial freedom. 1. Make Extra Payments Whenever Possible One of the simplest ways to reduce your mortgage debt is by making extra payments . Even small additional amounts applied directly to your principal can compound into significant savings over time. How It Works : Mortgage interest is calculated on the remaining principal. By paying extra, you reduce the principal faster, which lowers future interest charges. Action...
