Save on Your Mortgage

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Paying regular extra payments toward your loan principal will yield huge savings. People employ various techniques to meet this goal. Making a single extra payment once per year may be the easiest to arrange. But many people won't be able to pull off such a large additional expense, so dividing an extra payment into twelve additional monthly payments works too. Finally, you can pay half of your mortgage payment every other week. 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 you will pay over the life of the loan.

Lump Sum Extra Payment

It may not be possible for you to pay more every month or even every year. But remember that most mortgages will allow you to make additional payments at any time. You can benefit from this provision to pay down your mortgage principal any time you come into extra money. For example: a few years after buying your home, you receive a huge tax refund,a very large inheritance, or a cash gift; , investing a few thousand dollars into your mortgage principal will significantly shorten the period of your loan and save enormously on interest paid over the life of the loan. For most loans, even a relatively modest amount, paid early in the loan period, could offer big savings in interest and in the duration of the loan.

Financial Brokers of America can walk you Financial Brokers of America has your mortgage answers. Give us a call: 562-696-3139.