Housing prices have slowly returned to pre-housing crisis levels, but more than 63 percent of homeowners still make a mortgage payment each month. One of the best things you can do for your family’s financial security is to pay off your mortgage early. No matter what happens with the economy, you will have a place to live and wait for things to turn around.

Make Biweekly Mortgage Payments

This seems too simple to work but splitting your mortgage payment in half and paying twice a month can significantly reduce the time it takes to pay off your mortgage. Instead of owning your home outright in 30 years, you can be debt-free in 20-22 years depending on the interest rate.

Take your own coffee to work

Adding just $20 a month to your mortgage payment makes a difference. Bring coffee in a thermos or lunch in a bag a couple of times a week. Then put that spare change toward your financial freedom.

Downsize to a more affordable home

This is more challenging but selling your current home in order to purchase a more affordable home is one of the best decisions you can make. Keep making the same mortgage payment and you’ll own the new home outright in no time.

Consider property management companies

One of the best ways to pay off your mortgage early is to rent out your property for passive income.

Property management companies find and screen tenants, negotiate lease agreements, and provide full maintenance services.

You can travel, visit relatives, or even rent a smaller home for a few months a year and still receive income from your home. It’s like a paid vacation, except that you come home to find a mortgage paid in full.

Edward Bertrand