Big Savings on Interest: Available to Anyone with a Mortgage

Paying consistent extra payments on the loan principal provides huge savings. Borrowers can accomplish this in various ways. For many people,Perhaps the simplest way to keep track is by making one additional mortgage payment per year. Of course, many folks won't be able to pull off such a large additional payment, so splitting an extra payment into twelve extra monthly payments works too. Another very popular option is to pay a half payment every other week. The effect here is that you make one extra monthly payment in a year. These options differ slightly in lowering the final payback amount and shortening payback length, but they will all significantly reduce the length of your mortgage and lower your total interest paid.

One-time Additional Payment

It may not be possible for you to pay more every month or even every year. But you should remember that most mortgages will allow you to make additional principal payments at any time. You can benefit from this provision to pay down your mortgage 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, you could pay this money toward your mortgage loan principal, resulting in huge savings and a shorter loan period. Unless the mortgage loan is very large, even a few thousand dollars applied early in the loan period can produce huge savings over the life of the loan.

CHASE MORTGAGE, Inc. #317430 can walk you At CHASE MORTGAGE, Inc. #317430, we answer questions about money-saving strategies every day. Call us at 4357556622.