Save on your Mortgage Loan

Making regular additional payments on the loan principal will provide singificant returns. Borrowers can pay against principal by employing various techniques. For many people,Perhaps the easiest way to organize this process is to make 1 extra mortgage payment every year. If you can't pay an extra whole payment all at once, you can divide your payment by 12 and pay that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every other week. Each option produces different results, but each will significantly reduce the length of your mortgage and lower the total interest you will pay over the duration of the loan.

Lump Sum Extra Payment

Some folks just can't make any extra payments. But you should remember that most mortgage contracts allow additional principal payments at any time. Any time you come into extra money, consider using this provision to pay an additional one-time payment toward your principal.

Here's an example: several years after buying your home, you get a huge tax refund,a large legacy, or a cash gift; , you could pay a portion of this windfall toward your loan principal, which would result in huge savings and a shortened loan period. Unless the mortgage loan is quite large, even a few thousand dollars applied early can produce huge benefits over the life of the loan.

Bob Rutledge Mortgage can walk you Bob Rutledge Mortgage can answer questions about these interest savings and many others. Give us a call: 3149139678.

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Bob Rutledge Mortgage

Loan Officer NMLS#: 297044

New American Funding 12321 Olive Blvd, ste 150
St. Louis, MO 63141