Save on your Mortgage

There's a trick to significantly reduce the length of your mortgage and save thousands over the course of your loan: Make additional payments which apply toward your principal. Borrowers can do this in several ways. Making 1 extra full payment one time per year may be the easiest to track. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can commit to paying a half payment every other week. These options differ a little in lowering the total interest paid and shortening payback length, but each will significantly shorten the duration of your mortgage and lower the total interest paid over the duration of the loan.

One-time Additional Payment

It may not be possible for you to pay more every month or even every year. Remember that virtually all mortgages will allow you to make additional payments to your principal at any time. You can take advantage of this rule to pay extra on your principal any time you get some extra money. Here's an example: several years after buying your home, you get a very large tax refund,a very large inheritance, or a non-taxable cash gift; , investing a few thousand dollars into your mortgage principal can significantly reduce the period of your loan and save a huge amount on interest over the duration of the loan. Unless the mortgage loan is very large, even a few thousand dollars applied early in the loan period can produce huge benefits 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.