Huge Interest Savings: Available to Anyone with a Mortgage

Making regular additional payments toward the loan principal provides singificant savings. Borrowers can do this using a few different techniques. For many people,Perhaps the easiest way to organize this process is by making 1 extra mortgage payment a year. If you can't afford to pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can commit to paying a half payment every two weeks. Each option yields slightly different results, but each will significantly reduce the duration of your mortgage and lower the total interest paid over the life of the loan.

Additional One-time payment

Some people just can't make extra payments. But remember that most mortgages allow additional payments at any time. Whenever you come into unexpected money, you can use this provision to make a one-time additional payment on mortgage principal.

Here's an example: a few years after moving into your home, you receive a larger than expected tax refund,a very large inheritance, or a cash gift; , paying several thousand dollars into your home's principal will significantly reduce the repayment duration of your loan and save a huge amount on interest paid over the duration of the loan. Unless the loan is quite large, even small amounts applied early in the loan period can yield huge benefits over the life of the loan.

Financial Edge Mortgage Corp. can walk you Financial Edge Mortgage Corp. has your mortgage answers. Call us at 425-508-9988.

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