Save Big on your Mortgage Loan

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Paying consistent additional payments on the principal balance can yield significant savings. You can do this in various ways. Making a single additional full payment once per year is perhaps the simplest to arrange. But many folks won't be able to swing this huge additional payment, so splitting a single additional payment into 12 extra monthly payments works too. Finally, you can pay half of your mortgage payment every two weeks. These options differ a little in reducing the final payback amount and shortening payback length, but they will all significantly shorten the length of your mortgage and lower the total interest you will pay over the duration of the loan.

Lump Sum Extra Payment

It may not be possible for you to pay extra every month or even every year. But it's important to note that most mortgage contracts allow you to make additional principal payments at any time. Any time you come into unexpected cash, you can use this provision to make a one-time additional payment toward your mortgage principal.

For example: several years after moving into your home, you get a very large tax refund,a very large inheritance, or a non-taxable cash gift; , you could pay this windfall toward your mortgage loan principal, which would result in significant savings and a shortened loan period. Unless the loan is quite large, even a few thousand dollars applied early can produce huge savings over the duration of the loan.

South Coast Funding can walk you through the pitfalls of getting a mortgage. Give us a call: 949-367-1317.