Mortgage Savings Tips

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Making consistent additional payments toward your principal will yield enormous savings. Borrowers employ various techniques to accomplish this goal. For many people,Perhaps the easiest way to keep track is by making 1 extra payment per year. Of course, many folks won't be able to pull off such an enormous additional payment, so splitting one additional payment into 12 additional monthly payments is a fine option too. Finally, you can commit to paying half of your mortgage payment every other week. These options differ a little in lowering the final payback amount and shortening payback length, but they will all significantly shorten the duration of your mortgage and lower the total interest you will pay over the duration of the loan.

Additional One-time payment

It may not be possible for you to pay more every month or even every year. Keep in mind that virtually all mortgage contracts will permit you to pay extra on your principal at any time. Whenever you come into extra cash, you can use this rule to make an additional one-time payment toward principal. For example: a few years after buying your home, you get a very large tax refund,a large legacy, or a non-taxable cash gift; , investing a few thousand dollars into your mortgage principal will reduce the repayment period of your loan and save a huge amount on interest paid over the duration of the loan. For most loans, even a small amount, paid early enough in the mortgage, could offer big savings in interest and length of the loan.

Main Street Mortgage Company can answer questions about these interest savings and many others. Call us: (713) 528-1245.

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