Save Big on your Mortgage
Paying regular extra payments on the principal balance yields huge savings. You can accomplish this in various ways. For many people,Perhaps the simplest way to keep track is to make 1 extra mortgage payment per year. But some people won't be able to afford such an enormous additional expense, so splitting one additional payment into twelve extra monthly payments works too. Finally, you can commit to paying half of your mortgage payment every two weeks. These options differ slightly in lowering the total interest paid and shortening payback length, but they will all significantly reduce the length of your mortgage and lower the total interest paid over the life of the loan.
Additional One-time payment
It may not be possible for you to pay more every month or even every year. But you should remember that most mortgages allow you to make additional payments at any time. Any time you get some extra cash, consider using this provision to make an additional one-time payment on principal. Here's an example: several years after buying your home, you receive a larger than expected tax refund,a very large legacy, or a cash gift; , you could pay this money toward your loan principal, resulting in enormous savings and a shortened payback period. For most loans, even a small amount, paid early in the mortgage, could offer big savings in interest and in the duration of the loan.
Sky Apply Mortgage can walk you the mortgage process. Call us at (813) 200-7931.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.