Save Big on your Mortgage Loan

Making consistent extra payments on your principal will yield huge returns. Borrowers make this happen in a few ways. 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. Another popular option is to pay a half payment every other week. The result is you make one additional monthly payment in a year. Each of these options yields slightly different results, but each will significantly shorten the duration 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 more every month or even every year. But it's important to note that most mortgage contracts will allow you to make additional payments at any time. Any time you come into extra cash, you can use this provision to pay an additional one-time payment toward your principal. Here's an example: several years after moving into your home, you get a huge tax refund,a very large inheritance, or a cash gift; , you could apply this money toward your mortgage loan principal, resulting in enormous savings and a shorter loan period. Unless the loan is quite large, even a few thousand dollars applied early can produce huge savings over the life of the loan.

Southwest Funding #841
Company NMLS # 303440 can walk you Southwest Funding #841
Company NMLS # 303440 can answer questions about these interest savings and many others. Call us at 5122916100.

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Southwest Funding #841
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7901 Cameron Road Bldg 2 Ste 246
Austin, TX 78754