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Making regular additional payments toward the principal balance provides big returns. You can do this using a few different techniques. For many people,Perhaps the simplest way to keep track is to make one extra payment per year. Of course, some people will not be able to pull off such an enormous additional expense, so splitting one extra payment into 12 additional monthly payments works as well. Finally, you can pay half of your mortgage payment every other week. Each option produces slightly different results, but they will all 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
It may not be possible for you to pay extra every month or even every year. But it's important to note that most mortgages allow you to make additional principal payments at any time. You can take advantage of this provision to pay extra on your principal when you come into extra money. If, for example, you were to receive a very large gift or tax refund just a few years into your mortgage, you could apply a portion of this money toward your loan principal, resulting in enormous savings and a shorter loan period. For most loans, even this relatively small amount, paid early enough in the loan period, could offer big savings in interest and duration of the loan.
Eagle Platinum Mortgage can walk you through the mortgage process. Give us a call: (888) 496-8704.
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