Mortgage Saving Tips

Paying regular extra payments on the loan principal can yield singificant returns. People make this happen in several ways. For many people,Perhaps the simplest way to keep track is to make 1 additional payment per year. But some people will not be able to swing such a large extra expense, so splitting one additional payment into twelve additional monthly payments is a great option too. Finally, you can pay half of your mortgage payment every two weeks. Each of these options yields different results, but each will significantly reduce the duration of your mortgage and lower the total interest paid over the life of the loan.

Lump-sum Additional Payment

Some people can't manage any extra payments. Remember that virtually all mortgages will allow you to pay extra on your principal at any point during repayment. Any time you come into unexpected cash, consider using this provision to make an additional one-time payment on mortgage principal.

If, for example, you receive a surprise windfall four years into your mortgage, you could pay this windfall toward your mortgage loan principal, which would result in enormous savings and a shorter loan period. Unless the loan is quite large, even a few thousand dollars applied early can yield huge benefits over the duration of the loan.

Firelight Mortgage Consultants can walk you through the pitfalls of getting a mortgage. Call us at 3032282254.

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Firelight Mortgage Consultants

Company NMLS#: 381658

7887 East Belleview Ave Ste 1100
Englewood, CO 80111