Big Interest Savings: Available to Anyone with a Mortgage
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There's a simple trick to reduce the repayment period of your mortgage and save you thousands over the course of your loan: Make additional payments which go to the loan principal. You can accomplish this using a few different techniques. For many people,Perhaps the simplest way to organize this process is by making 1 additional payment a year. If you can't pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another very popular option is to pay half of your payment every other week. The effect here is that you make one extra monthly payment every year. Each option yields different results, but they will all significantly reduce the duration of your mortgage and lower the total interest paid over the duration of the loan.
Additional One-time payment
Some borrowers just can't make extra payments. Remember that almost all mortgages will allow you to pay extra on your principal at any time. Any time you get some unexpected cash, you can use this provision to pay an additional one-time payment toward principal. For example: five years after moving into your home, you get a larger than expected tax refund,a very large inheritance, or a non-taxable cash gift; , you could pay a portion of this money toward your loan principal, which would result in significant savings and a shortened loan period. Unless the mortgage loan is very large, even modest amounts applied early in the loan period can yield huge savings over the duration of the loan.
Alpine Capital Mortgage has your mortgage answers. Give us a call at (208) 726-5466.
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