There are many ways to pay off your mortgage faster with a refinance home loan. One way is to reduce the loan term and interest rate you are paying. For some, that is difficult because it greatly increases their monthly expenses.
However, homeowners can still pay off their mortgage early and not increase their current monthly payments if they refinance their home early enough in the term, take advantage of lower interest rates and continue to make the original monthly payment. This will help them to pay their mortgage off earlier than the original loan term. Most people don’t realize this and often choose not to refinance because they feel there aren’t significant enough savings. But even if you reduce your interest rate and loan terms by a small fraction in this way, a refinance can pay off big for you in the end.
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