Mortgage Savings Tips
Paying consistent extra payments on your loan principal will provide big returns. Borrowers accomplish this goal in several ways. For many people,Perhaps the simplest way to organize this process is to make 1 extra payment every year. If you can't afford to pay an extra 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 other week. These options differ slightly in reducing the total interest paid and reducing payback length, but each will significantly shorten the duration of your mortgage and lower your total interest paid.
Additional One-time payment
Some folks can't manage extra payments. But it's important to note that most mortgage contracts will allow you to make additional payments at any time. You can benefit from this rule to pay extra on your mortgage principal when you come into extra money. If, for example, you receive a very large gift or tax refund four years into your mortgage, paying several thousand dollars into your mortgage principal can significantly shorten the duration of your loan and save a huge amount on mortgage interest over the life of the mortgage loan. Unless the loan is quite large, even small amounts applied early can yield huge benefits over the life of the loan.
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