Monday, December 30, 2019 / by John Salkowski
Interest rates are historically low at this time, and most people who are buying a home are buying a 30-year fixed home loan. Some people want to do a 15-year note, however, they feel smothered by it. Here’s my advice to you to save thousands on interest and to shave at least eight years off your mortgage.
To make this happen, you have to pay one extra mortgage payment per year. You can do this either on a monthly or annual basis. The key is discipline. My recommendation is to add a little extra to the principal each month that would, in a year’s time, equate to one extra full payment. That will shave eight years off of a 30-year fixed loan, and it will save you thousands in interest over that same time.
If you’d like to learn more about mortgages, interest rates, or how to save money, please do not hesitate to call or email us. There’s never any cost or obligation when you simply reach out to us.