Save on Your Mortgage
Here's a simple trick to reduce the repayment period of your mortgage and save thousands over the course of your loan: Make additional payments that apply toward your principal. People use different methods to meet this goal. For many people,Perhaps the simplest way to organize this process is to make one additional mortgage payment per year. Of course, some people can't afford such a large extra expense, so splitting an extra payment into twelve additional monthly payments is a great option too. Another very popular option is to pay a half payment every two weeks. The result is you will make one extra monthly payment in a year. Each option yields different results, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.
One-time Additional Payment
Some people can't manage extra payments. But remember that most mortgages allow additional principal payments at any time. Whenever you come into unexpected money, consider using this rule to pay an additional one-time payment toward principal. If, for example, you were to receive an unexpected windfall four years into your mortgage, investing a few thousand dollars into your mortgage principal will shorten the repayment duration of your loan and save enormously on mortgage interest paid over the life of the mortgage loan. Unless the loan is very large, even modest amounts applied early in the loan period can produce huge savings over the duration of the loan.
Sky Apply Mortgage, Inc can walk you the mortgage process. Give us a call at (813) 200-7931.
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