Huge Interest Savings: Available to Anyone with a Mortgage

Paying regular extra payments toward the loan principal will provide singificant savings. Borrowers use different methods to accomplish this goal. For many people,Perhaps the easiest way to organize this process is to make one additional payment a year. If you can't pay an additional whole payment all at once, you can divide that payment by 12 and pay that additional amount monthly. Another very popular option is to pay half of your payment every two weeks. The effect here is that you make one extra monthly payment in a year. These options differ slightly in lowering the final payback amount and shortening payback length, but each will significantly reduce the length of your mortgage and lower the total interest you will pay over the duration of the loan.

One-time Additional Payment

Some borrowers can't manage extra payments. Remember that most mortgages will permit you to pay extra on your principal at any point during repayment. You can benefit from this rule to pay extra on your principal any time you get some extra money. Here's an example: a few years after buying your home, you get a larger than expected tax refund,a very large inheritance, or a cash gift; , you could apply a portion of this money toward your loan principal, resulting in enormous savings and a shortened payback period. Unless the mortgage loan is very large, even modest amounts applied early in the loan period can produce huge savings over the life of the loan.

Stepping Stone Mortgage can walk you Stepping Stone Mortgage has your mortgage answers. Call us: 5416833300.