Set a Date
In order to pay off your mortgage fast, you must keep a target date by which you want to clear everything. This is the most important step as all the preceding instructions will depend on this. Make sure that the date which you decide is practical and can be achieved.
This is an excellent way of reducing your required payments each month. The important factor is that you continue to pay the same amount as before so that you can pay off your debt quicker.
Pay More than the Installment
Whatever your installment is, try to pay more than that. This will be the amount that will be removed from your principal which will in turn automatically reduce your monthly payment. Remember that the bulk of the mortgage payment is based on interest and once you pay more than the minimum amount, only then can you bring down the principal amount.
You will need to cut your expenses. It is not all that hard in reality. You can ditch cable television for a while, buy groceries in bulk from wholesale stores, have a more energy efficient vehicle and make savings all around. The money saved can be used for paying greater monthly payments and cutting down on the principle amount.
Add to Income
It is also a good idea to have an extra job or a side business that you can run with your current job. This will allow you extra money which you can use towards the payments of your mortgage and help you in paying it off faster.
Most people receive a decent refund on their taxes at the end of the fiscal year. You can use this money for the purpose of reducing your mortgage payments. This will help in reducing your monthly payment to some extent and you can continue to pay the same amount as before to bring down the mortgage fast.