How to pay off a 30 year mortgage in 10 years or less ?

Many people find their peace of mind by owning their home outright and paying off their home mortgage.  If you are approaching retirement, this could be a worthy choice – psychologically if not financially.

However, finding the money to pay off your mortgage early seems to be very difficult for most people.  Probably the main reason is because people do not understand how to pay off their mortgage fast.  In fact, they are not aware that there are some proven ways for you to be debt free and get rid of your mortgage loans.

There are a few steps to pay off a 30 year mortgage in 10 years or less.  These are:

	Yes. You can pay your mortgage off in 10 years or less without making biweekly mortgage payments. And at the same time, build a minimum of $40,000 home equity. Here's how.
	Increase the schedule of your payment.  Pay your mortgage quicker by signing up for accelerated mortgage payment scheme.  Contact your mortgage company to apply.  This will enable you to make an extra payment every month and will cut years off your loan.
	No need to do mortagage Refinance! Does Not Require Having Extra Money. Use The Paid-for Portion Of Your House To Pay Off The Unpaid-for Portion. Here's how.
	Refinance to have a lower interest rate, but still pay the same amount each month. Another way is to force yourself to refinance into a 15 year loan – this will make your payments higher, but it will also pay off your mortgage faster.

	Stop charging!  This is the first step for you to get out of your mortgage debt.  If you stop having more debt, you can increase the chance of paying off more than the minimum amount in your mortgage.It’s best to leave your credit cards when shopping or, better yet, cut them up!
	Pay cash. You really have to start living within your means. Find out ways on how you can cut expenses to save money. The money that you saved has to be applied in paying off your mortgage. For example, instead of eating out everyday, you could pack your lunch to work a few days in a week.  Wouldn’t it be worth it just to pay off your home mortgage?
	Pay some lump sum payments.  If you apply the tax returns you receive to pay off your mortgage balance, it will be a great way to pay your loan down quickly.
	Increase your loan payments. You can make extra payments to your mortgage every time your bonus from work comes in. Even an extra $50 or $100 each month will allow you to pay off your mortgage faster.

One proven way to reduce your 30 year mortgage into 10 years or less is to use the method that Charles Givens described in his book “Wealth without Risk,” a 1988 best-seller.  He says you can pay off your mortgage by adding extra principal payments. Specifically, you can add the “principal only” portion of next month’s amortization into your payment this month.

The advantages of this method are: your extra payments can be increased later on and it is easy for you to back out if you run short of cash.

There are other ways for you to pay off your 30 year mortgage in 10 years or less.  You can seek advice from your trusted mortgage advisor to find out other things that you can do.