It is possible to pay off your mortgage faster and save money in the process? It is simple, and it can be fun.  I believe that there are really only 3 main parts to this process, as I have written in one of my articles on ezinearticles.com.   

Step 1-This may sound silly, and, an absolute requirement to handling our mortgage loan (and other debts), is that we must make more than we spend.   Sorry, I understand that, recently in this country, many of us have thought that we could do it another way, and, eventually, that will catch up to us.  Sort of like, what we are experiencing right now with the financial blow-up.   If you need to create more income and/or reduce expenses, I would recommend getting started on that immediately so that you can have some discretionary income to work with.

Step 2-Just make the decision that you either want to be out of debt or not. There is nothing wrong with either choice. Some of us want to be out of debt, and some of us don't.  If you can handle your debt load with no problems, ok...if you can't sleep at night due to worry, choose to take steps to handle your debt sooner rather than later, if for no other reason, than so you can sleep at night. 

Step 3-Manage the process. If you have discretionary income, this can be done without impacting our monthly budget or lifestyle. We simply set an amount in our savings account that we do not want the balance to drop below, and then we use our discretionary income to pay off our mortgage and other debts. We can have the largest impact on our mortgage debt because it is normally the largest debt and normally it has the longest term. Many clients save hundreds of thousands of dollars in interest by doing this. Most of us know that if we send in some extra money from time to time, "payable to principal only", the balance of our mortgage debt is immediately reduced. By reducing the mortgage balance, the length of time that we must pay on the mortgage is also reduced. If I send in a separate principal payment to my mortgage lender, it may take many months off of my loan repayment schedule. Sometimes, sending in just several hundred dollars can save us several thousand dollars. And it's guaranteed!

If you are willing to take a look at your mortgage and this process, you may find that you can also save yourself many years and many thousands of dollars in interest by using this process.  It does not require that you refinance, it does not change your normal mortgage payment, and it does not change your monthly budget.  It took my mortgage from 28 years to 6 and saved me approximately $300,000 in mortgage interest! Now, to me, that's fun....it may do the same for you.