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Mortgage Payoff Strategies

With mortgage rates shifting from the historic lows of 3% to the current 6.5% range, the approach to paying off a mortgage has changed significantly. If you find yourself with a higher rate, refinancing could be a smart move. Additionally, adopting bi-weekly payments can effectively reduce the loan term, allowing you to make an extra payment each year and ultimately save on interest. This strategy aligns well with many people's pay schedules, ensuring that extra funds are put to productive use rather than being absorbed into monthly expenses.