Opting for a 30 year fixed rate mortgage offers an interest rate that won't change.
However, the borrower pays a hefty amount in interest.
That's why some choose a shorter term mortgage to save cash.
"Probably tens of thousands of dollars by getting this accomplished in a shorter time frame," Suzie Stafford, Real Estate Lending Vice President at Lubbock National Bank said.
Stafford said the first thing for borrowers is to figure out if a ten-year loan is affordable.
"They would need to determine how much other debt they have. The less amount of debt, the more they'd have to apply to their mortgage loan," Stafford said.
One strategy to shorten the length of a loan is accelerating payments.
"Bi-monthly payments on a mortgage adds an additional payment each year. That would usually reduce a 30 year mortgage by seven or eight years," Stafford said.
This allows the flexibility of making larger payments when possible, and making normal payments when money is tight.
"That additional amount would go to principal. If you were able to gain some money you could send that in as a large principal reduction on your note," Stafford said.
Another option is re-financing the current loan at a lower interest rate.
"I would estimate a 30 year loan at somewhere around four percent. So, if you're paying anything above that it would be worth the refinance and the fees," Stafford said.
Making a lump sum payment on the loan principal is another move that will help pay a mortgage off sooner.