If it is in your budget, a mini mortgage might be an option for you if you want your mortgage paid off sooner. Normally we all have a 30 year mortgage. Some people are able to pay a little more on their payment so they can cut their loan term by 5-7 years, which is nice. So what if you have 20 years left on your mortgage? Well, first thing to do is call your financial institution to see if they offer a smaller term mortgage option. With a smaller term, that might mean your payment would increase by a few hundred or even several hundred dollars, depending on how small of a term you want, and your interest rate would change, usually lower if you’re going with a smaller term.  Make sure the new payment will fit into your existing budget.

Mountain America has a Mini Mortgage program. Their terms are 7, 10, 12 year. Up to 80% Financing. If the loan is Under $250,000 then there are No fees or closing costs. America First only has a 10 year option or an equity option. Cyprus Credit Union has a 10 year option or an equity option. I could not find a smaller term option at Zions or Wells Fargo.