Financial institutions vary in their prepayment privileges, which let you pay down your mortgage faster. Our best advice: research your options! Also be aware that the longer the amortization period (the time it takes to pay off a mortgage), the more interest you’ll end up paying. Amortization periods can now be as long as 35 years.

Weekly or biweekly payments instead of monthly payments could reduce the interest paid on the mortgage over the amortization period, depending on current interest rates.

Another option to consider is portability. If you decide to sell your home and buy another, you should be able to take your mortgage with you or transfer it to the buyer of your home. This can be a major advantage if your mortgage rate is below current market rates.