a mortgage tip for you guys that we learned....

pschica Posted: Mar 27, 2004 10:56 AM

a mortgage tip for you guys that we learned....

if you pay just $300 more a month on your monthl;y payment - you will utlimately save yourself up to ten years off a 30 yr mortgage!

Misha Posted: Mar 27, 2004 05:29 PM

Re: a mortgage tip for you guys that we learned....

That's true! We are doing it through www.myhomesavings.com to make it easier so we don't forget the extra payment and it is free to set up.

[email protected] Posted: Mar 27, 2004 06:31 PM

Re: a mortgage tip for you guys that we learned....

WOW we wouldnt be able to afford an extra 300 a month, but we learned if you make an extra mortage payment towards the principal you can take 7 years off a 30 yrear mortage (This can sometimes be done with a tax return onve a year)....

Just thought i would add that tip in as well

Crisco718 Posted: Mar 27, 2004 11:31 PM

Re: a mortgage tip for you guys that we learned....

Another tip is to split you mortgage payment into 2 payments per month. This will take off 8 years from a thirty year mortgage and you have not paid any additiona money. If you do this and also pay an extra payment each year, you are saving even more.

julz33 Posted: Mar 28, 2004 09:23 AM

Re: a mortgage tip for you guys that we learned....

Thanks for the tips
I didn't know any of this since I am just starting the whole process.

LIPrincess00 Posted: Mar 28, 2004 09:37 AM

Re: a mortgage tip for you guys that we learned....

Thanks for the tips. My FI wants to split the payment into 2 a month and told me we would save money and I couldnt figure out how.

Mary Posted: Mar 28, 2004 10:45 AM

Re: a mortgage tip for you guys that we learned....

Posted by LIPrincess00

Thanks for the tips. My FI wants to split the payment into 2 a month and told me we would save money and I couldnt figure out how.

This works with your credit card as well. The reason is that the interest is calculated on a daily average balance basis and if you make a payment every two weeks, your daily average balance will be lower and you'll pay less in interest.