Lately, I’ve noticed more clients asking about strategies to pay off their mortgages faster—and it’s easy to see why. About 1 in 4 US mortgage holders have put extra toward their principal over the past five years, aiming to accelerate their payoff timelines. But should you do the same? If you’re locked into a low-rate mortgage, it may actually make more sense to tackle higher-interest debts first, like credit cards or personal loans. However, if your mortgage rate is over 6% (which applies to roughly 1 in 5 borrowers right now), those extra principal payments could have a bigger impact on your finances.
When clients in our community weigh their options, I walk them through the main approaches: making regular extra payments, using a lump-sum recast to lower monthly payments, or refinancing into a shorter term. With 30-year fixed rates hovering near 7%, refinancing isn’t as appealing as it was in years past—so sometimes, simple extra monthly payments are the most straightforward path.
Since 2006, I’ve focused on helping homeowners and investors make smart, personalized decisions like these—always with the goal of building wealth through real estate. Every situation is unique, and I’m here to help you make the most of yours.
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