Mortgage Saving

Making regular additional payments toward your principal balance yields singificant savings. You can do this using a few different techniques. For many people,Perhaps the easiest way to organize this process is by making one extra mortgage payment a year. But some folks won't be able to pull off this huge extra expense, so splitting an extra payment into twelve extra monthly payments works too. Finally, you can pay half of your mortgage payment every two weeks. Each option yields slightly different results, but each will significantly shorten the duration of your mortgage and lower the total interest paid over the life of the loan.

Additional One-time payment

It may not be possible for you to pay more every month or even every year. But it's important to note that most mortgage contracts allow additional payments at any time. You can benefit from this rule to pay down your principal when you come into extra money.

Here's an example: five years after buying your home, you get a huge tax refund,a large inheritance, or a non-taxable cash gift; , you could apply a portion of this windfall toward your loan principal, resulting in huge savings and a shortened loan period. For most loans, even a small amount, paid early in the mortgage, could offer huge savings in interest and length of the loan.

Greystone Loans, Inc. can walk you Greystone Loans, Inc. can answer questions about these interest savings and many others. Give us a call: 9094671090.

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Greystone Loans, Inc.

Opening Doors to the American Dream since 1992

14726 Ramona Ave
Chino, CA 91710-5332