Save Big on your Mortgage Loan
Paying regular additional payments on your principal can yield big savings. Borrowers pay extra in a few different ways. Making 1 additional full payment once a year may be the easiest to track. If you can't pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every other week. Each of these options produces slightly different results, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.
Lump Sum Extra Payment
It may not be possible for you to pay down your principal every month or even every year. But remember that most mortgages will allow additional principal payments at any time. You can benefit from this provision to pay down your principal any time you get some extra money.
If, for example, you receive a surprise windfall four years into your mortgage, you could apply a portion of this windfall toward your loan principal, which would result in significant savings and a shorter loan period. Unless the loan is quite large, even modest amounts applied early in the loan period can yield huge savings over the duration of the loan.
Executive Lending Group, LLC can walk you Executive Lending Group, LLC has your mortgage answers. Call us: (816) 525-8000 & (81.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.