Save on your Mortgage Loan
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Here's a simple trick to reduce the repayment period of your mortgage and save thousands of dollars in interest: Make additional payments that go to your loan principal. Borrowers can accomplish this in several ways. For many people,Perhaps the simplest way to organize this process is by making 1 extra mortgage payment per year. If you can't afford to pay an additional whole payment in one month, you can divide your payment by 12 and pay that additional amount monthly. Finally, you can pay a half payment every other week. Each option yields 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.
Lump Sum Extra Payment
Some borrowers can't manage extra payments. Keep in mind that most mortgages will allow you to pay extra on your principal at any point during repayment. Whenever you come into extra cash, you can use this rule to make a one-time additional payment toward mortgage principal.
For example: several years after buying your home, you get a huge tax refund,a large legacy, or a cash gift; , you could apply a portion of this money toward your loan principal, which would result in enormous savings and a shortened loan period. For most loans, even a relatively modest amount, paid early enough in the mortgage, could offer huge savings in interest and in the length of the loan.
Universal Lending Services, Inc. can get you past the pitfalls of getting a mortgage. Call us at (337) 264-9990.
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