Save on your Mortgage

There's a simple trick to reduce the repayment period of your mortgage and save you thousands in interest: Make extra payments which are applied toward the loan principal. You can do this using a few different techniques. For many people,Perhaps the easiest way to keep track is to make 1 additional mortgage payment per year. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another option is to pay half of your payment every other week. The result is you make one additional monthly payment in a year. Each of these options produces different results, but they will all significantly shorten the length of your mortgage and lower the total interest paid over the life of the loan.

Additional One-time payment

Some borrowers can't manage any extra payments. But it's important to note that most mortgages will allow additional payments at any time. Whenever you come into unexpected cash, consider using this rule to pay an additional one-time payment on your principal. For example: several years after moving into your home, you receive a very large tax refund,a very large legacy, or a cash gift; , investing several thousand dollars into your mortgage principal can significantly reduce the repayment duration of your loan and save enormously on mortgage interest paid over the life of the mortgage loan. For most loans, even a relatively modest amount, paid early enough in the mortgage, could offer big savings in interest and in the duration of the loan.

Assured Mortgage can walk you the mortgage process. Call us: (414) 350-5834.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question