Many homeowners overlook the mortgage payment as a tool for financial management. They get the mortgage, move in, make the payments, and pay off the loan eventually. Smart homeowners know that by properly adding to their monthly payments, even by a small amount, they can substantially reduce the term of their loan, not to mention the total interest they will pay. In fact, prepaying one full year of a standard mortgage can save thousands of dollars in interest. The key is to do it properly and to find the right lender for whom prepayment is not a problem.
More progressive lenders allow the option to add money to the monthly payment which goes directly to the principal. How much should you add? It's largely a personal decision, and it depends on your cash flow. But be mindful of the fact that the mortgage interest rate is probably the lowest interest loan you will find, so don't short yourself with prepayment only to run up credit card debt!
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?
Real Estate--it goes through cycles, but still has a long-term record of strong investment return.
|See More Real Estate Trivia >
Goran Brnjic, GRI
Dream Home Realty
Your largest investment for you and your family deserves the best.
When you put us to work, you can count on honest business relationship, open lines of communication and a firm commitment to help you realize your dream to your satisfaction. With us at your side, you will get an exceptional service throughout the entire buying and selling process. Please feel free to call us for a complementary consultation. No obligation, off course. We look forward to further explain you how our services would be outmost beneficial in achieving your real estate goals.
www.MySaintLouisHome.com is brought to you by
Goran & Vera Brnjic
NUMBER1EXPERT in real estate for
St. Louis, South St. Louis County and Mehlville, Missouri
Read Goran & Vera Brnjic's
Terms of Service,
Free & Without Obligation Pledge
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.