Or if you already have a low interest rate, save on the closing costs of a refinance and simply pay on your 30-year mortgage like its a 15-year mortgage. What if you already have a 15-year mortgage? If you can swing it, imagine increasing your payments to pay it off in 10 years!

4. Downsize

Downsizing your house their explanation could be a drastic step. But if youre determined to crush your mortgage fast, consider selling your larger home and using the profits to buy a smaller, less expensive house.

With the profits from selling your bigger house, you may be able to completely pay cash for your new home. But even if you have to get a small mortgage, youve still succeeded in reducing your debt. Now your goal is to get rid of that debt as quickly as possible. The smaller the balance, the quicker you can make it happen.

Lets say you go the downsizing route. Before shopping for your next home, first make sure all your ducks are in a row and know how much house you can actually afford. This handy checklist is a great place to start. If you cant say yes to all six questions, its best to put your home purchase on hold.

Ready to Refinance Your Mortgage?

• Am I debt-free with three to six months of expenses in an emergency fund?

Ready to Refinance Your Mortgage?

• Can I make at least a 10% (preferably a 20%) down payment?

Ready to Refinance Your Mortgage?

• Do I have enough cash to cover closing costs and moving expenses?

Ready to Refinance Your Mortgage?

• Is the house payment 25% or less of my monthly take-home pay?

Ready to Refinance Your Mortgage?

• Can I afford to take out a 15-year fixed-rate loan?

Ready to Refinance Your Mortgage?

• Can I afford ongoing maintenance and utilities for this home?

For help finding houses that fit your budget, or if youre ready to sell your home, consult an experienced real estate agent whose advice will save you time and money.

A buyers agent can help you navigate through the home-buying process. In some cases, they may even be able to help you find a house before it hits the market, giving you a competitive edge. And when it comes to making an offer, your agent will negotiate on your behalf-so that you dont pay a penny more than you have to.

You can find a trustworthy real estate agent in your area through our nationwide Endorsed Local Providers (ELP) network. We only recommend agents who understand how important it is to you to buy a home you can afford. You can trust that your ELP agent wont pressure you to consider homes that would bust your budget.

The best way to buy a home is with 100% down. Paying cash for a home may sound weird, but imagine all the fun youd have without a mortgage payment weighing you down!

If you cant postpone the purchase until you can pay cash, plan to put an absolute minimum of 10% of the home price down at the closing table. Of course, 20% or more is even better because then youll avoid paying private mortgage insurance (PMI).

PMI typically costs 0.51% of the loan amount annually. For example, on a $250,000 mortgage, PMI will cost you $1,2502,500 a year. Why give the bank extra money each month if it doesnt pay your mortgage down faster?

Keep in mind that the more cash you put down on the front end, the less money youll need to finance. That adds up to a lower mortgage payment each month, making it easier to pay off your mortgage early.