Save Big on your Mortgage

Paying regular extra payments on your loan principal can yield enormous savings. Borrowers can pay extra on principal by employing various techniques. For many people,Perhaps the easiest way to organize this process is by making one additional payment per year. Of course, some folks won't be able to swing such a large extra payment, so splitting a single extra payment into 12 extra monthly payments works too. Finally, you can commit to paying a half payment every other week. These options differ a little in reducing the total interest paid and shortening payback length, but they will all significantly reduce the length of your mortgage and lower your total interest paid.

Additional One-time payment

It may not be possible for you to pay down your principal every month or even every year. But you should remember that most mortgages will allow you to make additional principal payments at any time. Whenever you get some unexpected cash, you can use this provision to pay a one-time additional payment on mortgage principal. Here's an example: a few years after buying your home, you receive a huge tax refund,a very large legacy, or a cash gift; , you could apply this money toward your mortgage loan principal, which would result in huge savings and a shorter payback period. Unless the mortgage loan is quite large, even modest amounts applied early can produce huge savings over the life of the loan.

Bright Vision Mortgage can walk you At Bright Vision Mortgage, we answer questions about interest-saving strategies every day. Call us at 9043423622.

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