Huge Interest Savings: Available to Anyone

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Making consistent additional payments on the principal balance yields huge returns. Borrowers use different methods to meet this goal. For many people,Perhaps the easiest way to organize this process is to make one additional payment a year. However, some folks won't be able to pull off such an enormous extra payment, so dividing an additional payment into 12 additional monthly payments works too. Finally, you can commit to paying half of your mortgage payment every two weeks. Each option yields slightly different results, but each will significantly reduce the length of your mortgage and lower your total interest paid.

Lump-sum Additional Payment

It may not be possible for you to pay down your principal every month or even every year. But remember that most mortgage contracts allow additional principal payments at any time. You can benefit from this provision to pay extra on your principal any time you come into extra money.

If, for example, you receive a very large gift or tax refund four years into your mortgage, paying several thousand dollars into your mortgage principal will shorten the repayment period of your loan and save a huge amount on mortgage interest paid over the life of the loan. For most loans, even a relatively small amount, paid early in the mortgage, could offer huge savings in interest and in the duration of the loan.

Mark Campbell can walk you through the pitfalls of getting a mortgage. Call us: 7274926100.