Save Big on Your Mortgage

Here's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars over the course of your loan: Make extra payments which go toward your loan principal. Borrowers use different methods to accomplish this goal. Paying a single extra full payment once a year is perhaps the simplest to arrange. However, many folks will not be able to pull off such a large additional expense, so dividing a single additional payment into twelve extra monthly payments is a fine option too. Finally, you can pay a half payment every two weeks. These options differ a little in lowering the total interest paid and shortening payback length, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some folks just can't make extra payments. Remember that most mortgages will allow you to make additional payments to your principal at any time. You can benefit from this rule to pay down your principal any time you get some extra money.

If, for example, you receive an unexpected windfall just a few years into your mortgage, investing several thousand dollars into your mortgage principal will significantly shorten the repayment period of your loan and save a huge amount on mortgage interest paid over the duration of the mortgage loan. For most loans, even this modest amount, paid early in the loan period, could offer big savings in interest and in the length of the loan.

CHASE MORTGAGE, Inc. #317430 can walk you through the pitfalls of getting a mortgage. Call us at 4357556622.