Saving Money on Your Mortgage

One Extra Mortgage Payment a Year Will:

  • Shave off years from the life of your loan.
  • Will save you tens of thousands of dollars (or more) of interest, depending on the amount borrowed and interest rate.
  • If you borrowed more than 80% of your home’s appraised value, the extra payment will help you reach the 20% equity and eliminate the PMI premiums.

Ways to Reduce Your Mortgage:

  • Write one additional check per year to your lender to be applied directly to principal.
  • Split each of your normal monthly payments in half and pay biweekly.
  • Even if you don’t pay an extra month’s mortgage a year, an extra $10, $20, or $30 (or more) a month helps reduce your loan.
  • Always make sure any extra payments are applied towards your principal.
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Ned Mahoney

Ned Mahoney has been in real estate in the Greater Boston area for over 25 years. He’s continually recognized as one of the leading realtors in New England and has won many awards for his top performing sales record. Ned offers integrity, professionalism, and solid strategies to provide his clients with excellent real estate services. Ned is with Keller Williams Realty. Please visit Ned’s innovative website at www.nedmahoney.com

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