Save Big on your Mortgage

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There's a trick to reduce the repayment period of your mortgage and save thousands in interest: Make additional payments which go toward your loan principal. Borrowers can pay more on principal by employing various techniques. For many people,Perhaps the easiest way to keep track is by making 1 additional mortgage payment a year. If you can't afford to pay an additional whole payment all at once, you can divide that payment by 12 and pay that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every two weeks. Each option yields different results, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.

One-time Additional Payment

It may not be possible for you to pay extra every month or even every year. Remember that almost all mortgages will permit you to pay extra on your principal at any time. Any time you get some extra money, consider using this rule to pay a one-time additional payment on mortgage principal.

If, for example, you were to receive a very large gift or tax refund just a few years into your mortgage, investing several 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 loan. Unless the mortgage loan is very large, even a few thousand dollars applied early can produce huge savings over the duration of the loan.

PREMIERE MORTGAGE SERVICES INC. can walk you the mortgage process. Give us a call: 978-422-2311.