Save on your Mortgage Loan

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Making consistent additional payments on your principal balance can yield big savings. You can pay against principal in various ways. For many people,Perhaps the easiest way to organize this process is to make 1 extra payment per year. If you can't pay an extra whole payment in one month, you can divide that payment by 12 and write a check for that additional amount monthly. Finally, you can commit to paying a half payment every two weeks. Each option produces different results, but each will significantly reduce the duration of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

It may not be possible for you to pay extra every month or even every year. Keep in mind that almost all mortgage contracts will permit you to pay extra on your principal at any point during repayment. Whenever you come into unexpected money, you can use this provision to make an additional one-time payment toward your principal. If, for example, you were to receive a large gift or tax refund four years into your mortgage, you could pay this money toward your mortgage loan principal, which would result in huge savings and a shortened payback period. For most loans, even this relatively small amount, paid early enough in the loan period, could offer huge savings in interest and duration of the loan.

FNB Town Square Mortgage can walk you FNB Town Square Mortgage has your mortgage answers. Call us: (817) 366-8666.