Save on your Mortgage

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Here's a simple trick to reduce the repayment period of your mortgage and save you thousands of dollars in interest: Make additional payments which go toward your principal. Borrowers can pay more on principal by employing various techniques. Making one additional payment one time every year is perhaps the easiest to track. If you can't afford to pay an extra whole payment in one month, 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 of these options produces slightly different results, but they will all significantly shorten the length of your mortgage and lower your total interest paid.

One-time Additional Payment

Some people just can't make extra payments. Keep in mind that most mortgages will permit you to pay extra on your principal at any point during repayment. Any time you come into unexpected money, you can use this rule to make an additional one-time payment on your mortgage principal. For example: five years after moving into your home, you receive a very large tax refund,a large inheritance, or a non-taxable cash gift; , investing a few thousand dollars into your mortgage principal can significantly reduce the duration of your loan and save a huge amount on interest paid over the life of the mortgage 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 life of the loan.

AmeriFirst can walk you At AmeriFirst, we answer questions about interest-saving strategies every day. Give us a call: (219) 947-0001.