MSN titled this article “The No. 1 Tip To Pay Off Your Mortgage Early.”

But it really has 5 numbered tips.

So I don’t get the title.

All the tips boil down to the this:

You have to pay more than your base payment.

That’s it.

You don’t get a magic bullet.

You have different ways to pay more but you have to pay more.

  1. Ask your lender how to get rid of Private Mortgage Insurance (PMI) first.
  2. If you can’t do that, look at paying extra in lump sums when you get it.
  3. As a last resort, refinance to a 15-year mortgage.

A lot of people are pushing 15-year mortgages lately but they just want to get your refinancing fees.

A 15-year mortgage locks you in to a higher payment.

You can turn a 30-year mortgage into a 15-year mortgage just by paying more each month.

If your water heater blows up, you can skip the extra payment and use it to fix your water heater.

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