Huge Interest Savings: Available to Anyone with a Mortgage

Paying consistent additional payments on the loan principal will provide big savings. Borrowers use different methods to accomplish this goal. Paying a single additional full payment once per year may be the simplest to track. However, some folks can't pull off such an enormous extra payment, so splitting an additional payment into twelve extra monthly payments is a great option too. Finally, you can pay a half payment every two weeks. These options differ a little in lowering the final payback amount and reducing payback length, but each will significantly shorten the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some borrowers just can't make extra payments. But it's important to note that most mortgage contracts allow additional principal payments at any time. Any time you get some unexpected money, you can use this rule to make an additional one-time payment toward your principal.

For example: a few years after buying your home, you receive a very large tax refund,a large legacy, or a non-taxable cash gift; , you could apply this money toward your loan principal, which would result in enormous savings and a shortened loan period. For most loans, even this relatively modest amount, paid early in the loan period, could offer huge savings in interest and in the length of the loan.

Net Equity Financial Mortgage can walk you Net Equity Financial Mortgage has your mortgage answers. Give us a call: 2157413131.