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There's a trick to reduce the repayment period of your mortgage and save you thousands of dollars over the course of your loan: Make extra payments that go to the principal. People pay extra in a few different ways. For many people,Perhaps the simplest way to organize this process is by making one extra payment every year. If you can't afford to pay an extra whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can pay a half payment every other week. These options differ a little in reducing the final payback amount and reducing payback length, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.
Lump Sum Extra Payment
Some folks can't manage any extra payments. But remember that most mortgage contracts will allow you to make additional payments at any time. Any time you get some extra money, you can use this rule to pay a one-time additional payment toward your principal.
If, for example, you receive a large gift or tax refund three years into your mortgage, you could pay a portion of this money toward your mortgage loan principal, resulting in huge savings and a shorter payback period. Unless the loan is quite large, even a few thousand dollars applied early in the loan period can yield huge savings over the duration of the loan.
Pinnacle Lending Group, Inc. can walk you Pinnacle Lending Group, Inc. has your mortgage answers. Call us at (702) 730-2085.
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Pinnacle Lending Group, Inc. 5439 S Durango Dr Suite 200 Las Vegas, NV 89113
