Getting approved for a mortgage means being one step closer to the home of your dreams.  Having a mortgage means looking for options that allow you to pay it off as soon as possible.  Here's how to trim years off your mortgage and potentially save thousands in interest.

*Bi-Monthly Payments: By splitting your original monthly payments in half and paying each half every two weeks, you can save money over the life of the mortgage.  This way, you end up making 26 payments in a year, or the equivalent of 13 monthly payments instead of 12.

*Lump Sums: Conditional upon on the terms outlined by your mortgage agreement, you may be able to make a lump-sum mortgage pre-payment.  Should you benefit from a financial windfall, such as a tax refund, bonus from your employer, inheritance or a lottery win, apply it to your mortgage.

*More Income, More Payments: Some mortgage terms permit you to increase your annual mortgage payments by a certain percentage each year.  By having your mortgage payments keep pace with your increasing income, you could end up paying off your loan faster.

*Lower Rates, Equal Payments: If you refinance your mortgage at a lower interest rate, see if you can keep your monthly mortgage payments the same instead of negotiating lower monthly payments.  By doing so, you apply more money to the principal, shortening the life of your mortgage.