During the period of your mortgage obligation, a lot can change. Being that this period can be as lengthy as 30 years, you might see your life goals change, kids grow up, and jobs come and go. But there is one thing that won’t change- your mortgage rate. But there must be a way to shorten this period or at least make it easier to pay it off? Sure there is and all you need to do is learn how and starting taking matters into your hands. So if you’re here to find out how, grab a pen and a paper and start writing down these steps.

Refinance and Shorten the Period.

The shorter period, in this case, means increased monthly rates, and if you have 30 years mortgage agreement, you might want to change it into a 15 years deal if you have the fund for it. So the first step would be to make sure that you have the cash flow to endure this period. If you don’t, you can always return to 30 years agreement. And the bright side is that even if it turns out that you can’t follow on the payments, you’ll shorten the as you’ve already paid a couple of months with the increased rate.

Put That Extra Income into Work.

Sure it might be hard to be obligated to pay a monthly rate, but you also have additional income that can help you with that. If you can’t make money on the side while you’re paying the mortgage, you can make use of those tax returns, bonus checks, and inheritance payments to decrease the amount that you have to pay on your already bought real estate. Even if it means shortening the period for a couple of months, you shouldn’t think twice about it. Think of how beneficial it is to your financial situation in the long run. Little by little, you might be able to decrease your 30-years mortgage deal into a 20-years or less.