Huge Interest Savings: Available to Anyone

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Making regular additional payments toward your principal provides significant returns. Borrowers employ various techniques to accomplish this goal. Paying a single additional payment one time every year is perhaps the simplest to keep track of. Of course, some folks will not be able to swing such a large additional payment, so splitting a single extra payment into 12 additional monthly payments is a fine option too. Finally, you can pay half of your mortgage payment every other week. These options differ a little in reducing the final payback amount and shortening payback length, but each will significantly reduce the length of your mortgage and lower the total interest you will pay over the duration of the loan.

Lump Sum Extra Payment

It may not be possible for you to pay extra every month or even every year. Remember that most mortgage contracts will permit you to make additional payments to your principal at any time. You can take advantage of this provision to pay extra on your mortgage principal any time you come into extra money. Here's an example: a few years after moving into your home, you receive a huge tax refund,a large inheritance, or a cash gift; , you could pay this windfall toward your loan principal, which would result in significant savings and a shortened loan period. Unless the loan is quite large, even a few thousand dollars applied early in the loan period can produce huge savings over the duration of the loan.

Sharp Mortgages, Inc. can walk you Sharp Mortgages, Inc. has your mortgage answers. Give us a call: 904-997-1093.