Save on Your Mortgage

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Making regular extra payments toward your principal will yield enormous returns. People employ various techniques to meet this goal. For many people,Perhaps the simplest way to keep track is by making one extra payment a year. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can commit to paying a half payment every other week. Each of these options produces 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 Additional 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 will allow you to make additional payments at any time. Any time you get some unexpected money, consider using this provision to pay an additional one-time payment on mortgage principal.

If, for example, you were to receive a surprise windfall three years into your mortgage, paying several thousand dollars into your home's principal will significantly reduce the period of your loan and save a huge amount on interest paid over the duration of the mortgage loan. For most loans, even a relatively small amount, paid early enough in the loan period, could offer huge savings in interest and in the duration of the loan.

America's First Funding Group can walk you the mortgage process. Call us at 732-643-0200.