Huge Interest Savings: Available to Anyone

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Paying regular extra payments on your loan principal will yield enormous savings. Borrowers can do this in several ways. For many people,Perhaps the easiest way to organize this process is by making one additional mortgage payment every year. But many folks won't be able to afford this huge extra payment, so splitting an extra payment into 12 additional monthly payments works as well. Finally, you can commit to paying half of your mortgage payment every other week. Each option yields different results, but they will all significantly shorten the duration of your mortgage and lower the total interest paid over the life of the loan.

One-time Additional 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 point during repayment. You can take advantage of this rule to pay extra on your mortgage principal any time you get some extra money.

If, for example, you receive a large gift or tax refund three years into your mortgage, you could apply a portion of this windfall toward your mortgage loan principal, which would result in huge 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 benefits over the duration of the loan.

Southwest Funding Branch Office 988 can walk you through the pitfalls of getting a mortgage. Call us: 972-891-8282.

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