Big Savings on Interest: Available to Anyone

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Paying regular additional payments toward the loan principal provides enormous returns. People use different methods to meet this goal. Making 1 extra payment once every year is likely the easiest to arrange. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Another very popular option is to pay half of your payment every two weeks. The effect here is that you make one additional monthly payment each year. These options differ slightly in reducing the final payback amount and shortening payback length, but each will 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. Keep in mind that most mortgage contracts will allow you to pay extra on your principal at any point during repayment. You can benefit from this rule to pay down your principal any time you get some extra money. If, for example, you receive a surprise windfall three years into your mortgage, paying several thousand dollars into your mortgage principal can significantly shorten the period of your loan and save a huge amount on interest over the duration of the loan. For most loans, even a relatively modest amount, paid early in the mortgage, could offer big savings in interest and duration of the loan.

Premier Nationwide Lending can walk you the mortgage process. Call us at (926) 228-1944.