Save on your Mortgage Loan

Making regular additional payments toward the principal balance will provide huge returns. Borrowers pay extra in a few different ways. Paying 1 extra payment once per year is likely the easiest to track. But some people won't be able to pull off such a large extra expense, so splitting a single extra payment into twelve extra monthly payments is a fine option too. Finally, you can pay half of your mortgage payment every two weeks. 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.

Lump Sum Extra Payment

It may not be possible for you to pay extra every month or even every year. Keep in mind that virtually all mortgage contracts will permit you to pay extra on your principal at any point during repayment. You can take advantage of this rule to pay down your mortgage principal any time you get some extra money.

If, for example, you receive a large gift or tax refund three years into your mortgage, investing a few thousand dollars into your home's principal will significantly shorten the repayment duration of your loan and save a huge amount on mortgage interest over the life of the mortgage loan. Unless the loan is quite large, even small amounts applied early can yield huge benefits over the life of the loan.

Executive Lending Group, LLC can walk you At Executive Lending Group, LLC, we answer questions about money-saving strategies every day. Give us a call at 8165258000.

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