Save on your Mortgage Loan

Paying regular extra payments on the principal will yield huge returns. People pay extra in several ways. For many people,Perhaps the easiest way to organize this process is by making one additional mortgage payment a year. 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 pay a half payment every two weeks. Each of these options produces slightly different results, but they will all significantly reduce the duration of your mortgage and lower the total interest paid over the duration of the loan.

One-time Additional Payment

It may not be possible for you to pay extra every month or even every year. But remember that most mortgage contracts will allow additional principal payments at any time. You can take advantage of this provision to pay down your mortgage principal any time you get some extra money.

If, for example, you were to receive a large gift or tax refund three years into your mortgage, you could apply a portion of this windfall toward your loan principal, which would result in huge savings and a shorter loan period. For most loans, even this modest amount, paid early enough in the mortgage, could offer huge savings in interest and duration of the loan.

Augusta Mortgage Solutions can walk you Augusta Mortgage Solutions can answer questions about these interest savings and many others. Call us at 7068605514.

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Augusta Mortgage Solutions

NMLS#:148529 GA Residential Mortgage Licensee #18861

141 North Belair Road Suite 102 NMLS# 149807
Evans, GA 30809-7431