Huge Interest Savings: Available to Anyone

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There's a 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 are applied toward the loan principal. Borrowers pay extra in several ways. For many people,Perhaps the easiest way to keep track is by making one additional payment a year. If you can't afford to pay an extra whole payment all at once, you can divide that payment by 12 and pay that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every two weeks. Each of these options produces slightly different results, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.

One-time Additional Payment

It may not be possible for you to pay down your principal every month or even every year. Keep in mind that virtually all mortgage contracts will permit you to make additional payments to your principal at any point during repayment. Whenever you come into extra cash, consider using this rule to make a one-time additional payment toward principal. For example: a few years after moving into your home, you receive a huge tax refund,a large inheritance, or a non-taxable cash gift; , you could apply a portion of this money toward your mortgage loan principal, resulting in enormous savings and a shortened loan period. Unless the mortgage loan is very large, even a few thousand dollars applied early can produce huge benefits over the life of the loan.

James M Dix (NMLS 135621) can walk you through the pitfalls of getting a mortgage. Give us a call: 317-773-0606.