Are you planning on paying your mortgage off early? Then don’t make this HUGE mistake!
Paying additional to the principal on your mortgage can save you thousands of dollars in interest and help you build equity faster.
Also, it will reduce the amount of payments over the life of the loan.
Now, you need to Make sure that any additional payments that you make – Go specifically toward your mortgage principal amount.
Lenders typically have this payment option online or ask that you to specify in the memo section on your check. Ask your lender for instructions on how they process additional payments towards the principal amount for the loan.
Now this very important … If you don’t specify that the extra payments should go toward the mortgage principal, then that extra money will go toward your next monthly mortgage payment which includes interest and won’t be nearly as beneficial as getting all that money straight to the principal amount in paying loan down faster.
I hope this information finds you at the right time and helps you save thousands of dollars, tons of time, and build equity faster!
If you have any additional questions feel free to comment below or send me a message…
No matter what you put your mind to in Real Estate…. Whether it’s buying selling renting or investing