The repayment period of a mortgage is generally spread across many years. While it may not be so difficult for you to make the monthly payments in the beginning, they might stress you out and become a burden in the time to come. Therefore, you should always try to get rid of your debts as soon as possible. The process may be difficult, but there are still a few ways which can aid you through it.

Moreover, getting rid of your debt in a shorter time will give you the advantage of availing a lowered interest rate. This will reduce the total amount you have to pay. Theoretically, it does not make sense to get a mortgage if you have to pay an interest which is much more than the actual loaned amount. It may give you financially stability for the time being, but this not good enough if there is a chance of instability in the long run.

Here are some tricks which can help you in getting rid of your debts quickly.

• The Payment Schedule

Even a slight change in your payment schedule can help you in repaying back the amount faster. While monthly payments are preferred by many, you should consider biweekly or weekly payments. The frequency will rise, but your overall mortgage amount will decrease substantiality.

• Lump Sum Payments

You may even opt to pay a lump sum amount every year. These payments may be hard to manage, but even if you can save about $500 a month, you will accumulate $6,000 by the end of the year. Although this amount is not that huge, but it can still help you in reducing the time period.

• Mortgage Type

Select a mortgage type which is suitable to your needs. A fixed mortgage means the same monthly payments throughout and a variable mortgage means that the monthly payments will frequently change. While some people may opt for the former option, choosing a variable rate gives the advantage of paying less in quite a few months. Studies have shown that if you choose variable rates, you will usually pay a lowered total amount. The downside is that not everybody can manage unexpected expenses.

• Renewal Letter

When the time to renew your mortgage draws near, avoid signing the mortgage renewal letter because it will probably not be in your favour. While it may not seem so on the surface, there is a high chance that the interest rate will not be the best possible deal.