You have a 1 out of 3 chance of paying off your mortgage in your lifetime. These are real statistics most people never pay off their mortgages. There are ways to accelerate the process.
Over the years, I have interviewed hundreds of people that have paid off their mortgages. I have personally used these techniques to pay off my mortgage on multiple properties.
The first option is to stay for a long time. 99% of mortgages are 30 years. All you have to do is make 360 monthly payments. The trouble with that is you will pay just as much in interest back to the bank over the 30 years as you paid for it.
The 2nd option is to make an additional payment per year by breaking up your mortgage payment into a payment every 2 weeks. Sounds confusing and check with your mortgage company. If your payment is $3000 a month. Simply pay $1500 every 2 weeks. This is a hack that will result in 1 additional mortgage payment per year. This will shed years off of your 30-year mortgage.
The 3rd option is to switch to a 15-year mortgage. If you can swing the payments do this one. This is my personal favorite because not only do you remove 15 years off the mortgage you get a better interest rate. This is a hyper-fast way to build equity and wealth.
The 4th option is to sell your home when prices are high and buy a value-based property. This is how I’ve been able to build up enough equity to purchase homes with cash. By selling your home you pay off your mortgage. You then take the equity and purchase a new home that has more upside or value built-in. Better location, sweat equity, better schools, more square footage, etc.
I recommend selling and moving every 4 years. After 4 moves when done right you will pay cash for your house and avoid having a mortgage altogether.
Moving is a pain but, you get good at it and start hiring professional moving companies.
As of today if you own a house you are sitting on the most equity EVER. It is time to cash in and purchase a home that is a better fit and value in the future.