HOW DOES MAKING EXTRA PAYMENTS ON MY MORTGAGE WORK?
Making incremental payments on your mortgage can provide a significant interest saving over the life of a mortgage. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that such payment privileges also be flexible in allowing you to make smaller payments on the mortgage, and as frequently as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
