Save Big on your Mortgage
There's a simple trick to significantly reduce the length of your mortgage and save you thousands in interest: Make additional payments that apply to your loan principal. People accomplish this goal in several ways. For many people,Perhaps the simplest way to organize this process is to make 1 extra payment per year. But many people won't be able to pull off such an enormous additional payment, so splitting one additional payment into twelve extra monthly payments works too. Another very popular option is to pay a half payment every other week. The result is you make one extra monthly payment in a year. Each option produces different results, but they will all significantly reduce the duration 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 will allow additional principal payments at any time. Any time you come into extra money, consider using this provision to pay a one-time additional payment on mortgage principal.
Here's an example: several years after buying your home, you receive a huge tax refund,a large inheritance, or a non-taxable cash gift; , you could apply this windfall toward your loan principal, which would result in significant savings and a shorter loan period. For most loans, even this relatively modest amount, paid early in the mortgage, could offer big savings in interest and length of the loan.
Sky Apply Mortgage can walk you At Sky Apply Mortgage, we answer questions about money-saving strategies almost every day. Give us a call: (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.