Save on your Mortgage Loan

Making regular additional payments on your principal balance can yield singificant returns. Borrowers can pay against principal in many different ways. Making one extra payment one time per year may be the simplest to track. Of course, some people can't afford such an enormous additional expense, so splitting a single extra payment into 12 additional monthly payments is a great option too. Another very popular option is to pay half of your payment every other week. The effect here is that you make one additional monthly payment in a year. Each of these options yields slightly different results, but each will significantly reduce the length of your mortgage and lower the total interest paid over the life of the loan.

Additional One-time payment

It may not be possible for you to pay extra every month or even every year. Keep in mind that virtually all mortgages will permit you to make additional payments to your principal at any point during repayment. Any time you get some extra cash, you can use this rule to pay a one-time additional payment on your principal. For example: five years after moving into your home, you get a very large tax refund,a very large legacy, or a cash gift; , you could pay this windfall toward your mortgage loan principal, resulting in enormous savings and a shorter payback period. Unless the loan is quite large, even modest amounts applied early can yield huge benefits over the duration of the loan.

Bright Vision Mortgage can walk you Bright Vision Mortgage can answer questions about these interest savings and many others. Call us at 9043423622.

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159 Hampton Point Drive Suite 4
St. Augustine, FL 32092