Mortgage Saving

Making consistent additional payments on the principal will provide big returns. You can accomplish this in various ways. For many people,Perhaps the easiest way to keep track is to make 1 extra payment a year. However, many folks won't be able to afford this huge additional expense, so splitting one additional payment into twelve extra monthly payments is a fine option too. 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 the total interest you will pay over the duration of the loan.

Lump Sum Extra Payment

It may not be possible for you to pay more every month or even every year. Keep in mind that most mortgages will permit you to make additional payments to your principal at any point during repayment. You can benefit from this rule to pay down your principal any time you get some extra money.

If, for example, you were to receive an unexpected windfall just a few years into your mortgage, you could pay a portion of this money toward your mortgage loan principal, resulting in significant savings and a shorter loan period. Unless the mortgage loan is quite large, even modest amounts applied early can produce huge benefits over the life of the loan.

Price Mortgage Group LLC can walk you Price Mortgage Group LLC has your mortgage answers. Call us at 405-513-7700.

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