Huge Savings on Interest: Available to Anyone with a Mortgage
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Making consistent additional payments on your principal balance will provide enormous savings. Borrowers can do this in various ways. For many people,Perhaps the easiest way to keep track is to make one additional payment per year. But many people will not be able to pull off such an enormous extra payment, so dividing one additional payment into twelve extra monthly payments works too. Finally, you can commit to paying half of your mortgage payment every two weeks. These options differ slightly in lowering the final payback amount and shortening payback length, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.
Additional One-time payment
It may not be possible for you to pay more every month or even every year. But remember that most mortgages will allow additional payments at any time. Any time you come into unexpected money, consider using this provision to pay an additional one-time payment on principal. Here's an example: several years after buying your home, you get a huge tax refund,a large inheritance, or a cash gift; , you could apply a portion of this money toward your loan principal, which would result in huge savings and a shorter payback period. For most loans, even this relatively small amount, paid early in the loan period, could offer big savings in interest and in the length of the loan.
Ace One Mortgage LLC can walk you At Ace One Mortgage LLC, we answer questions about interest-saving strategies every day. Give us a call at 866-313-0412.