Making extra mortgage payments can pay off. But before you rush to make the extra payments, think about how else you could use the money. Interest rates are so low now - especially since you've just refinanced to a 15-year mortgage - that there may be better places to put the cash. Making extra mortgage payments will cut down on the length of your mortgage and the amount of interest you pay over the life of the loan. The specifics depend on the size of your loan and your interest rate. Your Conventional or FHA/VA loan allows you to participate in the early mortgage pay-off plan. It is important to note that it does require discipline and regularity in making extra principal payments in amounts that will effectively lower your mortgage balance. 

Homeownership has long been regarded as one of the basic elements of the American dream. Buying a home, however, is anything but basic. Finding the right mortgage involves some digging. Interest rates, points, processing costs, and adjustment features all affect how well a mortgage suits your needs. It is important to understand the process of making extra mortgage payments as well as how your specific needs fit into your search for a new home. Mortgage lending is mechanical, impersonal and competitive. Hunt for the best loan -- interest rate, points, processing costs and, on adjustable mortgages, the most favorable adjustment features. Don't pay much attention to who's originating the loan or where the lender is.