Huge Interest Savings: Available to Anyone with a Mortgage

Making consistent additional payments on your loan principal will yield huge returns. People employ various techniques to meet this goal. For many people,Perhaps the easiest way to organize this process is by making 1 additional payment per year. If you can't afford to pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can pay half of your mortgage payment every two weeks. These options differ a little in lowering the final payback amount and reducing payback length, but each will significantly shorten the duration of your mortgage and lower the total interest paid over the duration of the loan.

Additional One-time payment

It may not be possible for you to pay down your principal every month or even every year. But you should remember that most mortgage contracts allow additional payments at any time. Any time you come into unexpected money, consider using this provision to make an additional one-time payment on your mortgage principal. If, for example, you receive a surprise windfall four years into your mortgage, paying a few thousand dollars into your mortgage principal can reduce the duration of your loan and save a huge amount on interest paid over the duration of the loan. Unless the mortgage loan is quite large, even a few thousand dollars applied early in the loan period can yield huge savings over the duration of the loan.

Wisdom Financial, Inc. can walk you Wisdom Financial, Inc. has your mortgage answers. Call us: 708.499.6088.