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A Simple Way to Save Thousands on your Mortgage!
September 12th, 2018 3:52 PM by Ken Morley
There's a trick to reduce the repayment period of your mortgage and save thousands of dollars in interest: Make additional payments that are applied toward your loan principal. You can pay extra on principal in many different ways. Paying one additional full payment once every year is perhaps the easiest to arrange. If you can't pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another option is to pay a half payment every two weeks. The effect here is that you make one extra monthly payment in a year. Each option produces different results, but each will significantly shorten the length of your mortgage and lower your total interest paid. If you'd like to have more specifics about how this will affect your home loan simply give me a call at (303) 650-9400 or email me at
kenm@rmi.net
.
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Posted by Ken Morley on September 12th, 2018 3:52 PM
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