Trustpilot<\/a><\/div>\n<\/p>\n<\/div><\/div>\n
Check refinance rates:<\/b><\/p>\n\n- 10-year fixed refinance rates<\/a><\/li>\n
- 15-year fixed refinance rates<\/a><\/li>\n
- 20-year fixed refinance rates<\/a><\/li>\n
- 30-year fixed refinance rates<\/a><\/li>\n<\/ul>\n
2. Switch to biweekly payments<\/h3>\n
When you switch to biweekly mortgage payments<\/a>, you split your payment in half and pay twice each month. Because there are 52 weeks in a year, you end up making 26 payments \u2014 the equivalent of 13 monthly mortgage payments.<\/p>\nWith this strategy, you\u2019ll knock a few years off your mortgage and reduce the amount of interest you pay. This can also be helpful if you want to maintain your current budget but pay off the loan a little earlier.<\/p>\n
3. Recast your mortgage<\/h3>\n
With a mortgage recast<\/a>, you make a large lump sum payment toward your principal. After making the payment, your lender will reamortize your loan<\/a> based on how much you put down.<\/p>\nThis strategy can be a way to cut your monthly required payments and potentially save money on interest. Once you\u2019ve recast your mortgage, you can make bigger payments and work to pay off the mortgage even faster.
\n<\/a><\/p>\nWhat to do if you can\u2019t pay off your mortgage before retirement<\/h2>\n
Retiring without a mortgage isn\u2019t always possible, but there are still strategies you can utilize to lessen the financial burden imposed by mortgage payments.<\/p>\n
Get a 30-year refinance<\/h3>\n
With a 30-year mortgage refinance, you can reduce the monthly payment, making it more manageable on a fixed-income during retirement. You\u2019ll likely pay more in interest \u2014 and you\u2019ll need to factor in closing costs, too.<\/p>\n
Credible makes refinancing easy. You can see your rates from our partner lenders in the table below. We also provide transparency into lender fees that other comparison sites typically don\u2019t.<\/p>\n