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 range from five to 25 years.

Weekly or biweekly instead of monthly payments
could shave as much as eight years and $38,000 off a $100,000 mortgage, 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 without penalty. This can be a major advantage if your mortgage rate is below current market rates.