Most banks offer (they don't always tell you about it) a bi-weekly plan to pay off your mortgage.
With biweekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month.
For example, the biweekly mortgage payment process can pay off a $200,000 30 year fixed loan at 7% in approximately 24 years (75 months sooner than a standard payment plan), with a total of $68,925 in interest savings.
Call your mortgage lender and find out if they can set you up on a bi-weekly plan.
I learned about it almost 3 years ago, called my bank and I've been saving some $ since then.
I'm not affiliated with any lending institution and don't offer guidance on how to set up a biweekly payment schedule with your mortgage lender. You should receive professional financial advice when considering switching to a biweekly payment plan.
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