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 in interest: Make additional payments which are applied toward the loan principal. Borrowers can accomplish this using a few different techniques. For many people,Perhaps the simplest way to keep track is to make 1 additional payment a year. If you can't afford to pay an extra whole payment in one month, you can divide that payment by 12 and write a check for that additional amount monthly. Finally, you can pay a half payment every other week. These options differ slightly in lowering the total interest paid and shortening payback length, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some borrowers just can't make extra payments. Keep in mind that almost all mortgages will allow you to pay extra on your principal at any point during repayment. You can take advantage of this rule to pay down your principal when you come into extra money. If, for example, you were to receive a surprise windfall three years into your mortgage, investing several thousand dollars into your mortgage principal will significantly reduce the duration of your loan and save enormously on mortgage interest paid over the life of the loan. Unless the loan is quite large, even small amounts applied early in the loan period can produce huge savings over the life of the loan.

Dove Lending Group, Inc. can walk you Dove Lending Group, Inc. can answer questions about these interest savings and many others. Give us a call: 877-210-6899.