Should I Make Extra Mortgage Payments? | Chicagoland Mortgage Lender - Nick Magiera Mortgage Banker
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Should I make extra mortgage payments?

I wanted to talk to you a little about making extra payments on your mortgage and how much this can save you money!

This is another question I receive often from my customers: “Is it a good idea to make extra payments?

In short, yes! If it is financially feasible, it’s not a bad idea to make extra payments.

One strategy is to take the total of one payment and divide it by 12. Each time you make a mortgage payment, pay an extra 1/12 towards the principal. In a years time this is he equivelant of making one extra payment and you can reduce your total loan term by 5-7 years!

Essentially, if you pay more, you pay less interest.

Once you find a home and are ready to move forward with mortgage financing, you may want to see if any extra towards your payments fits into your budget.

Until then, give me a call or email me if you have any questions!

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Author Nick Magiera

Mortgage Banker by trade, Nick Magiera epitomizes integrity, energy, hard work, and creative service in every detail of the real estate transaction. Nick is a family man with a devotion to God, his beautiful wife & his adorable Bernese Mountain Dog.

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