Refinancing can be a valuable strategy for paying off your mortgage sooner. By refinancing to a shorter loan term or a lower interest rate, you can potentially save thousands of dollars in interest and reduce the overall time it takes to pay off your mortgage.

One way refinancing can help is by securing a lower interest rate. For example, if you originally took out a 30-year mortgage at 4.5% interest, but you're able to refinance to a 15-year mortgage at 3.5% interest, you could significantly reduce the total interest paid over the life of the loan. This can result in paying off the mortgage much sooner.

Additionally, refinancing to a shorter loan term, such as moving from a 30-year to a 15-year mortgage, can also help you pay off your mortgage faster. While your monthly payments may be higher with a shorter loan term, you'll build equity in your home more quickly and pay less in total interest over the life of the loan.

It's important to consider the costs associated with refinancing, such as closing costs and fees, to ensure that the potential savings outweigh the expenses. Consulting with a financial advisor or mortgage specialist can help you determine if refinancing is the right choice for you.

References:

• "How Refinancing Can Save You Money" - Forbes
• "Is Refinancing Right for You?" - Consumer Financial Protection Bureau