Become mortgage free
If you’re looking to payoff your principal faster, depending on your lender, you have lots of options. Lots of the lenders we work with offer 20% prepayment privileges once per year. That means you can make a lumpsum payment of 20% of your mortgage balance once a year without penalty. In addition, you can increase your monthly payment by 20% each year. If those aren’t options for you, look at doing an accelerated bi-weekly payment schedule. Because you make payments every two weeks, you end up making one extra payment per year, decreasing your principal balance faster than if you repaid it monthly.