Paying ff your mortgage will make you a more financial secure person as your money is not tied up in having to repay loans.

One idea is to think as if you have to make a high interest payment very month. In other words, get a mortgage at a low interest and pay back more very month. This way you end up paying your loan quicker and won’t be affected in case the interest rates increase.

Paying off the mortgage amount on a fortnightly basis than a monthly basis helps you to take off some years on the repayment period and you also save up money on the interest you have to pay. The reason this happens is because there are 26 fortnights in a year, but only 12 months. If you start making fortnightly payments, you will be effectively making 13 monthly payments every year instead of twelve and this save you money in the long run.

Don’t focus on repayment terms wherein you only concentrate on paying back the interest amount. Attack the principle amount repayment issue by making plans to pay up the principle amount through lump sums or through regular additional repayments. Do this and you will see you cut many years off the term of your loan and by reducing your principle, you pay lees interest on the remaining amount too.