Save Big on Your Mortgage

	Looking for mortgage advice? We'd be thrilled to discuss your mortgage needs! Give us a call today at -. Ready to begin? Apply Now.

There's a trick to reduce the repayment period of your mortgage and save thousands of dollars over the course of your loan: Make extra payments which apply toward the principal. Borrowers accomplish this goal in a few ways. For many people,Perhaps the easiest way to organize this process is to make one extra payment every year. However, some folks won't be able to swing such a large additional payment, so dividing an extra payment into 12 extra monthly payments works as well. Another popular option is to pay half of your payment every other week. The result is you make one additional monthly payment each year. Each option produces slightly different results, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.

Additional One-time payment

It may not be possible for you to pay down your principal every month or even every year. But it's important to note that most mortgage contracts will allow you to make additional principal payments at any time. Any time you come into extra money, you can use this rule to pay an additional one-time payment on principal. For example: a few years after moving into your home, you receive a very large tax refund,a large inheritance, or a cash gift; , investing a few thousand dollars into your home's principal will shorten the duration of your loan and save a huge amount on interest paid over the life of the mortgage loan. For most loans, even this small amount, paid early enough in the mortgage, could offer huge savings in interest and in the length of the loan.

Sunrise Mortgage Group can walk you Sunrise Mortgage Group has your mortgage answers. Call us at -.