Shortening Your Amortization Period - The best way to save the most money,
is to shorten the amortization period. It is amazing how much money you will save
in interest payments. However, a 25 year amortization period does allow you to
make the lowest possible payments, which first time buyers might want to start
Increasing Your Monthly Payment - With many lenders once each calendar year,
on any regular payment date, you can increase your payments up to 100% of your
original monthly payment over the term of your mortgage. Some lenders offer different
opportunities as well to pay off your principal amount.
Reducing the Amount of Interest Payments - Rather than make monthly payments,
pay your mortgage bi-weekly or weekly to pay your mortgage off faster! This will
reduce your principal amount quicker, while saving you thousands of dollars in
Reduce The Principal Amount Each Year - Putting
down some extra money at the beginning or end of each year towards your mortgage
will reduce your amortization period dramatically. It can take years off your
mortgage simply by putting some money down towards the principal amount. This
means added savings in the amount of interest you pay.
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your Home with Just 5% down...see if you qualify.
Pre-approved for a Mortgage...find out how you can increase your bargaining
Costs...don't forget about closing costs when you are purchasing your
Transfer Tax Exemption...you might be eligible for an exemption of up