Every month, you cringe as you make that mortgage payment. It's about as unpleasant as getting a root canal. You get the point - it's miserable.
So how can you soften the blow of paying that much money on a regular basis? Glad you asked. There are several smart ways to change or reduce the amount you pay. One of the biggest drops could happen if you refinance.
"People can see a lot of savings with their mortgage, especially these days with refinancing," says Tim Sebetka, chair of the Iowa Mortgage Association.
Another smart way to save on mortgage: shorten mortgage life.
As long as your mortgage doesn't have a prepayment penalty, shortening its length is actually very simple. You really don't have to buy special software, set up a complicated web of accounts or sign up for a special payment plan and pay its setup fee. Read our guide how to do it here.
Perhaps the easiest way to save money on your mortgage is to make an extra mortgage payment each year. These extra payments are automatically applied on your principal, not interest. Not only does your remaining balance drop, but you will not have to pay interest each month on that principal for the remainder of the loan term. Read more here.
