Save Big on Your Mortgage

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There's a simple trick to significantly reduce the length of your mortgage and save thousands of dollars over the course of your loan: Make additional payments which are applied to your principal. Borrowers use different methods to accomplish this goal. Making a single additional full payment once per year is likely the simplest to track. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can commit to paying a half payment every other week. These options differ slightly in lowering the total interest paid and shortening payback length, but they will all significantly reduce the duration of your mortgage and lower the total interest paid over the duration of the loan.

Lump Sum Extra Payment

Some people can't manage any extra payments. But remember that most mortgages allow you to make additional principal payments at any time. You can benefit from this provision to pay down your principal when you come into extra money. For example: several years after buying your home, you get a very large tax refund,a large legacy, or a non-taxable cash gift; , you could apply a portion of this windfall toward your loan principal, resulting in enormous savings and a shortened loan period. For most loans, even a small amount, paid early enough in the mortgage, could offer big savings in interest and in the duration of the loan.

FNB Town Square Mortgage can walk you FNB Town Square Mortgage can answer questions about these interest savings and many others. Call us: (817) 235-3089.