Save on Your Mortgage

Making regular extra payments on the principal yields singificant savings. Borrowers can pay extra on principal by employing various techniques. Paying 1 extra payment one time every year is perhaps the simplest to track. 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 other week. These options differ slightly in lowering the final payback amount and reducing payback length, but they will all significantly shorten the length of your mortgage and lower the total interest you will pay over the duration of the loan.

Additional One-time payment

It may not be possible for you to pay extra every month or even every year. But it's important to note that most mortgage contracts allow additional payments at any time. You can benefit from this provision to pay down your mortgage principal when you get some extra money. If, for example, you receive a surprise windfall three years into your mortgage, you could apply this money toward your mortgage loan principal, which would result in significant savings and a shortened payback period. For most loans, even a modest amount, paid early enough in the mortgage, could offer huge savings in interest and duration of the loan.

Price Mortgage Group LLC can walk you At Price Mortgage Group LLC, we answer questions about money-saving strategies almost every day. Give us a call at 405-513-7700.

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