Save Big on Your Mortgage

There's a simple trick to significantly reduce the length of your mortgage and save you thousands in interest: Make extra payments which are applied to your loan principal. People use different methods to meet this goal. For many people,Perhaps the simplest way to organize this process is by making one additional payment per year. However, many people won't be able to pull off such a large extra expense, so dividing an additional payment into twelve extra monthly payments is a great option too. Another option is to pay half of your payment every two weeks. The effect here is that you will make one extra monthly payment each year. Each option yields slightly different results, but they will all significantly shorten the length of your mortgage and lower the total interest you will pay over the duration of the loan.

One-time Additional Payment

It may not be possible for you to pay more every month or even every year. Keep in mind that most mortgage contracts will allow you to pay extra on your principal at any time. Whenever you come into extra cash, consider using this rule to pay an additional one-time payment on mortgage principal.

If, for example, you receive a large gift or tax refund four years into your mortgage, investing several thousand dollars into your mortgage principal can significantly reduce the repayment period of your loan and save enormously on interest paid over the life of the mortgage loan. For most loans, even a modest amount, paid early in the mortgage, could offer big savings in interest and duration of the loan.

RE-ProServices can walk you the mortgage process. Call us: 6269184592.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question
By checking the box, you agree that HERN CAPITAL LLC may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

101 N Citrus Ave Ste 1C
Covina, CA 91724