Huge Savings on Interest: Available to Anyone with a Mortgage
Here's a simple trick to significantly reduce the length of your mortgage and save thousands in interest: Make additional payments which apply toward the loan principal. People employ various techniques to accomplish this goal. For many people,Perhaps the simplest way to keep track is to make one additional payment per year. However, many people can't afford such an enormous extra expense, so dividing an additional payment into 12 extra monthly payments is a great option too. Another popular option is to pay half of your payment every two weeks. The result is you will make one additional monthly payment every year. Each of these options yields different results, but each will significantly reduce the duration of your mortgage and lower your total interest paid.
One-time Additional Payment
Some people just can't make extra payments. But remember that most mortgages allow you to make additional payments at any time. Any time you come into unexpected cash, you can use this provision to pay an additional one-time payment on principal. If, for example, you were to receive an unexpected windfall four years into your mortgage, you could apply a portion of this windfall toward your mortgage loan principal, resulting in significant savings and a shortened payback period. For most loans, even this modest amount, paid early enough in the mortgage, could offer big savings in interest and duration of the loan.
Amortgage.com can walk you Amortgage.com can answer questions about these interest savings and many others. Call us at 7814920796.