Save Big on Your Mortgage

	Shopping for a mortgage loan? We can help! Give us a call today at (972) 292-0448. Want to get started? Apply Now.

Here's a simple trick to significantly reduce the length of your mortgage and save you thousands in interest: Make additional payments which are applied toward the principal. People employ various techniques to accomplish this goal. Paying a single extra full payment once a year is likely the easiest to arrange. But some people won't be able to pull off such a large additional expense, so splitting an extra payment into 12 additional monthly payments is a fine option too. Another option is to pay half of your payment every two weeks. The result is you make one additional monthly payment every year. Each of these options produces slightly different results, but each will significantly reduce the length of your mortgage and lower the total interest you will pay over the life of the loan.

Additional One-time payment

Some borrowers just can't make extra payments. Keep in mind that most mortgage contracts will allow you to make additional payments to your principal at any time. You can benefit from this rule to pay extra on your principal any time you come into extra money. If, for example, you receive a very large gift or tax refund just a few years into your mortgage, you could apply this windfall toward your loan principal, resulting in huge savings and a shortened loan period. For most loans, even a small amount, paid early in the mortgage, could offer big savings in interest and length of the loan.

Jeff White Lending can walk you At Jeff White Lending, we answer questions about interest-saving strategies every day. Call us at (972) 292-0448.