Big Interest Savings: Available to Anyone
Here's a simple trick to significantly reduce the length of your mortgage and save thousands of dollars in interest: Make extra payments which go to your loan principal. You can do this in several ways. For many people,Perhaps the simplest way to organize this process is to make one extra payment a year. However, many folks won't be able to swing such an enormous extra expense, so splitting a single additional payment into twelve additional monthly payments works as well. Another popular option is to pay half of your payment every other week. The result is you make one extra monthly payment each year. Each of these options yields slightly different results, but they will all significantly reduce the length of your mortgage and lower your total interest paid.
Additional One-time payment
Some borrowers just can't make extra payments. Remember that most mortgages will permit you to make additional payments to your principal at any time. Any time you come into extra cash, you can use this provision to make a one-time additional payment on principal.
For example: a few years after buying your home, you get a larger than expected tax refund,a very large inheritance, or a cash gift; , paying a few thousand dollars into your mortgage principal can significantly reduce the repayment duration of your loan and save enormously on mortgage interest paid over the duration of the loan. Unless the loan is very large, even small amounts applied early in the loan period can yield huge benefits over the duration of the loan.
National Asset Mortgage, LLC can walk you through the pitfalls of getting a mortgage. Call us at (855) 391-3290.