Shortening Your Mortgage for Long-Term Strategies

Buying a home is a significant achievement, but paying off a 30-year mortgage can feel daunting. Refinancing to a shorter-term mortgage, like a 15-year loan, can save money on interest and help build equity faster. Shorter loans often have lower interest rates, leading to substantial savings over time. However, potential borrowers should consider their ability to handle higher payments and their financial stability before refinancing. Alternatives include making extra payments on the principal or requesting a mortgage modification to lower the interest rate.