How To Prepay On Your Mortgage Loan

How to prepay on your mortgage loan. Pay more than just your principal payment, when affordable. For someone that is willing to borrow the maximum, you can do that, but you can build your equity faster and...

For someone that is willing to borrow the maximum, you can do that, but you can build your equity faster and also cut off the number of years that you have left on paying your mortgage and avoid paying as much interest in a number of ways. The ways that I have written up on my website are the best ways and they allow for very little deviation. I posted this particular one because I got so many enquiries from it, but essentially what you do is you make your principal and interest payments and then you look at your amortization chart. Payment number two, instead of making P&I principal and interest, if you do this before it is due, you only have to pay the principal portion. So for the price of dinner, make a prepayment on our mortgage. That way, you can start from the top and the lender doesn't care if you take 360 months to make those payments or if you do them faster. You can correspond with me off my Internet site. If you are paying off your mortgage loan and your interest rate was 7% and you are cutting off a year, this is the best thing that you can do. Typically, it is one nice dinner a month. So that allows people that borrow the maximum to build their equity up without paying all of that money.

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