Simple Ways to Save Big on Your Mortgage

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Paying regular additional payments on your principal will provide enormous savings. Borrowers pay extra in a few different ways. For many people,Perhaps the easiest way to keep track is to make one extra mortgage payment a year. If you can't pay an extra whole payment all at once, you can divide your payment by 12 and write a check for that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every two weeks. These options differ slightly in reducing the total interest paid and reducing payback length, but they will all significantly reduce the length of your mortgage and lower your total interest paid.

Lump-sum Additional Payment

Some borrowers just can't make any extra payments. But it's important to note that most mortgages allow additional principal payments at any time. Any time you get some unexpected money, you can use this rule to make a one-time additional payment toward mortgage principal.

If, for example, you receive an unexpected windfall four years into your mortgage, you could pay a portion of this windfall toward your loan principal, which would result in enormous savings and a shorter loan period. Unless the loan is very large, even a few thousand dollars applied early in the loan period can yield huge savings over the life of the loan.

Sierra View Financial Corp can walk you Sierra View Financial Corp has your mortgage answers. Call us: 916-989-6222.