Save on your Mortgage Loan

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Here's a simple trick to reduce the repayment period of your mortgage and save you thousands over the course of your loan: Make additional payments which apply toward the loan principal. You can do this in various ways. Making one extra full payment once a year is probably the simplest to arrange. If you can't pay an extra whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another very popular option is to pay a half payment every two weeks. The effect here is that you make one additional monthly payment every year. Each of these options yields different results, but each will significantly shorten 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 down your principal every month or even every year. Remember that most mortgages will allow you to pay extra on your principal at any time. Any time you get some unexpected money, you can use this rule to make an additional one-time payment toward your principal. If, for example, you receive an unexpected windfall just a few years into your mortgage, you could pay a portion of this windfall toward your mortgage loan principal, resulting in significant savings and a shortened loan period. For most loans, even a small amount, paid early in the mortgage, could offer big savings in interest and in the duration of the loan.

Action Lending can walk you At Action Lending, we answer questions about interest-saving strategies almost every day. Call us at (714) 935- 0775.

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Action Lending | NMLS 342906 | CA BRE 01369005

1940 W Orangewood Ave Ste 104
Orange, CA 92868