There are several ways to quickly reduce a mortgage balance. In turn, you gain equity at a faster rate, and you are able to pay off the mortgage balance in less than 30 years. If you have the extra money, consider a fifteen-year mortgage payment. Your mortgage payment doubles, but, you save a ton of money on interest.

Understandably, this option is not always that feasible. If you can’t afford a higher payment, think about a bi-weekly mortgage. These mortgages are very similar to traditional mortgages. The only difference is that the mortgage payment is submitted every two weeks, as opposed to once a month. For example, you would submit one half the mortgage payment on the fifteenth of the month, and the other half on the first.

Believe it or not, but this simple strategy can knock seven years off your mortgage. And the best part, you will earn more equity in a short amount of time.

Imagine being able to pay off your home loan, and using the money for other interests: traveling, home improvement, savings, etc.