Save on Your Mortgage

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Here's a simple trick to significantly reduce the length of your mortgage and save you thousands over the course of your loan: Make extra payments that are applied to the loan principal. People accomplish this goal in a few different ways. Paying a single additional full payment once a year is perhaps the simplest to track. But many folks won't be able to pull off such a large additional expense, so dividing one additional payment into twelve additional monthly payments is a fine option too. Finally, you can commit to paying half of your mortgage payment every two weeks. Each option produces different results, but each will significantly shorten the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some folks can't manage any extra payments. But remember that most mortgages will allow you to make additional payments at any time. Whenever you get some extra cash, consider using this provision to pay a one-time additional payment toward your mortgage principal.

For example: several years after moving into your home, you receive a huge tax refund,a very large legacy, or a cash gift; , paying several thousand dollars into your home's principal will significantly reduce the period of your loan and save a huge amount on interest paid over the life of the mortgage loan. For most loans, even a small amount, paid early in the loan period, could offer huge savings in interest and length of the loan.

American Success Mortgage can get you past the pitfalls of getting a mortgage. Give us a call at 2124733933.