Save Big on your Mortgage
Paying regular extra payments on the loan principal will yield big savings. You can do this in several ways. For many people,Perhaps the easiest way to organize this process is to make one extra payment per year. But some people can't swing this huge extra expense, so dividing an extra payment into twelve extra monthly payments works too. Finally, you can pay a half payment every two weeks. Each option produces slightly different results, but they will all significantly shorten the duration of your mortgage and lower the total interest paid over the life of the loan.
Additional One-time payment
It may not be possible for you to pay extra every month or even every year. But it's important to note that most mortgages allow you to make additional payments at any time. You can benefit from this rule to pay down your mortgage principal when you come into extra money. If, for example, you were to receive a surprise windfall just a few years into your mortgage, paying a few thousand dollars into your mortgage principal will significantly reduce the duration of your loan and save enormously on mortgage interest over the life of the loan. For most loans, even this relatively modest amount, paid early in the loan period, could offer huge savings in interest and duration of the loan.
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can walk you At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about interest-saving strategies every day. Call us: 214-300-8756.