Save Big on Your Mortgage
Paying consistent additional payments on your loan principal will yield big returns. You can accomplish this in several ways. For many people,Perhaps the easiest way to organize this process is to make 1 additional mortgage payment every year. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Another very popular option is to pay half of your payment every other week. The effect here is that you make one additional monthly payment each year. These options differ a little in lowering the final payback amount and shortening payback length, but each will significantly shorten the duration of your mortgage and lower the total interest paid over the life of the loan.
One-time Additional Payment
Some borrowers can't manage extra payments. But it's important to note that most mortgage contracts will allow additional principal payments at any time. You can take advantage of this provision to pay down your principal any time you come into extra money.
For example: a few years after buying your home, you get a larger than expected tax refund,a very large legacy, or a non-taxable cash gift; , investing a few thousand dollars into your home's principal can significantly reduce the duration of your loan and save enormously on interest over the life of the mortgage loan. For most loans, even a modest amount, paid early in the loan period, could offer big savings in interest and in the length of the loan.
Amortgage.com can walk you Amortgage.com can answer questions about these interest savings and many others. Call us: 7814920796.