Simple Ways to Save on Your Mortgage
Making regular extra payments toward your loan principal will provide big returns. You pay more on principal in many different ways. For many people,Perhaps the easiest way to organize this process is to make 1 additional mortgage payment a year. Of course, many folks can't pull off this huge additional expense, so dividing an extra payment into 12 extra monthly payments is a great option too. Finally, you can commit to paying half of your mortgage payment every two weeks. Each of these options yields slightly different results, but each will significantly reduce the duration of your mortgage and lower the total interest paid over the duration of the loan.
Lump Sum Extra Payment
Some borrowers just can't make extra payments. But it's important to note that most mortgages allow additional payments at any time. Whenever you get some unexpected money, consider using this provision to make a one-time additional payment on mortgage principal.
If, for example, you were to receive an unexpected windfall just a few years into your mortgage, paying a few thousand dollars into your home's principal will reduce the duration of your loan and save enormously on mortgage interest paid over the life of the mortgage loan. Unless the loan is quite large, even small amounts applied early in the loan period can produce huge benefits over the duration of the loan.
National Asset Mortgage, LLC can walk you the mortgage process. Call us: (855) 391-3290.