Save Big on your Mortgage Loan

Paying regular extra payments on the principal balance provides singificant returns. People accomplish this goal in several different ways. For many people,Perhaps the easiest way to organize this process is by making 1 additional payment every year. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can commit to paying a half payment every two weeks. Each option yields different results, but they will all significantly shorten 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. Keep in mind that most mortgages will allow you to pay extra on your principal at any time. You can benefit from this provision to pay down your principal when you come into extra money. If, for example, you receive an unexpected windfall three years into your mortgage, you could pay this money toward your loan principal, resulting in enormous savings and a shortened payback period. Unless the mortgage loan is quite large, even small amounts applied early in the loan period can yield huge benefits over the life of the loan.

Atlantic Financial Services can walk you At Atlantic Financial Services, we answer questions about interest-saving strategies almost every day. Give us a call at (732) 969-9300.

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