Save on Your Mortgage

Paying consistent additional payments on your principal balance provides singificant savings. People use different methods to accomplish this goal. For many people,Perhaps the easiest way to keep track is to make 1 extra mortgage payment a year. If you can't pay an additional whole payment all at once, you can divide that payment by 12 and write a check for that additional amount monthly. Another popular option is to pay a half payment every two weeks. The result is you make one extra monthly payment each year. These options differ slightly in lowering the final payback amount and reducing payback length, but each will significantly shorten the length 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 mortgage contracts will allow additional principal payments at any time. You can benefit from this provision to pay down your principal any time you come into extra money.

If, for example, you were to receive a very large gift or tax refund four years into your mortgage, you could pay this windfall toward your mortgage loan principal, resulting in huge savings and a shortened payback period. Unless the mortgage loan is quite large, even modest amounts applied early in the loan period can yield huge savings over the life of the loan.

CHASE MORTGAGE, Inc. #317430 can walk you CHASE MORTGAGE, Inc. #317430 can answer questions about these interest savings and many others. Give us a call at 4357556622.