Save Big on your Mortgage Loan

Making regular additional payments on the principal balance provides big returns. People accomplish this goal in a few different ways. For many people,Perhaps the easiest way to keep track is by making 1 extra payment per year. But many people won't be able to swing this huge extra payment, so splitting one extra payment into twelve extra monthly payments works too. Another popular option is to pay a half payment every other week. The effect here is that you make one additional monthly payment each year. These options differ slightly in reducing the total interest paid and reducing payback length, but each will significantly reduce the duration of your mortgage and lower your total interest paid.

Additional One-time payment

It may not be possible for you to pay extra every month or even every year. Remember that most mortgage contracts will allow you to make additional payments to your principal at any point during repayment. Any time you get some extra cash, consider using this rule to pay a one-time additional payment on your principal. If, for example, you receive an unexpected windfall five years into your mortgage, you could pay this windfall toward your mortgage loan principal, resulting in huge savings and a shorter loan period. For most loans, even this small amount, paid early enough in the mortgage, could offer big savings in interest and length of the loan.

Mortgage Headquarters of Missouri, Inc can walk you through the pitfalls of getting a mortgage. Call us: 5733029990.

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Mortgage Headquarters of Missouri, Inc

4824 Osage Beach PKWY Suite 1
Osage Beach, MO 65065