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.