Save on your 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 your principal. Borrowers use different methods to accomplish this goal. Making a single extra payment one time a year is likely the simplest to keep track of. However, some folks can't swing such a large extra payment, so splitting a single extra payment into 12 additional monthly payments is a fine option too. Finally, you can commit to paying half of your mortgage payment every two weeks. These options differ a little in reducing the final payback amount and shortening payback length, but each will significantly shorten the duration of your mortgage and lower the total interest you will pay over the life of the loan.
Additional One-time payment
Some folks can't manage any extra payments. Remember that virtually all mortgages will allow you to pay extra on your principal at any point during repayment. Whenever you come into unexpected cash, consider using this provision to pay a one-time additional payment toward mortgage principal.
If, for example, you were to receive a surprise windfall four years into your mortgage, you could apply a portion of this money toward your mortgage loan principal, which would result in enormous savings and a shortened payback period. For most loans, even a relatively modest amount, paid early enough in the mortgage, could offer big savings in interest and length of the loan.
Amortgage.com can walk you the mortgage process. Give us a call: 7814920796.