Shortening your mortgage term involves refinancing your current mortgage to a new loan with a shorter repayment period. This often means moving from a 30-year mortgage to a 15 or 20-year mortgage.

Shortening your mortgage term can help you pay off your loan faster and potentially save on interest costs over the life of the loan. It can also lead to building home equity more quickly.

Generally, shorter-term mortgages (15 or 20 years) tend to have lower interest rates compared to longer-term mortgages (30 years). This can result in significant interest savings over the life of the loan.

Benefits may include paying less interest over time, building equity faster, and achieving full homeownership sooner. It can also lead to financial freedom and peace of mind without a long-term mortgage obligation.

Monthly payments on a shorter-term mortgage are typically higher than those on a longer-term mortgage. However, the total interest paid over the life of the loan is usually significantly lower.

Before deciding to shorten your mortgage term, it's crucial to assess your financial situation to ensure you can comfortably handle the higher monthly payments. Consider factors such as income stability and other financial goals.

Yes, you can make additional principal payments on your current mortgage to pay it off faster. However, refinancing allows you to lock in a lower interest rate, potentially saving more money over the life of the loan.

In general, you can refinance your mortgage at any time, but factors such as market conditions, interest rates, and your financial situation may influence the decision to do so.