Huge Interest Savings: Available to Anyone with a Mortgage

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Here's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars over the course of your loan: Make additional payments which go to the loan principal. You can accomplish this using a few different techniques. Making 1 extra payment once every year is probably the easiest to arrange. If you can't pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Another popular option is to pay half of your payment every other week. The effect here is that you make one extra monthly payment every year. These options differ a little in reducing the total interest paid and reducing payback length, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

Some folks just can't make extra payments. But you should remember that most mortgage contracts will allow you to make additional payments at any time. You can benefit from this provision to pay extra on your principal when you get some extra money. If, for example, you receive an unexpected windfall three years into your mortgage, you could pay a portion of this windfall toward your mortgage loan principal, resulting in huge savings and a shortened payback period. Unless the mortgage loan is very large, even a few thousand dollars applied early can produce huge benefits over the duration of the loan.

Liberty Mortgage Associates Inc. can walk you Liberty Mortgage Associates Inc. can answer questions about these interest savings and many others. Call us: 877-799-4015.