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!



Nick Magiera

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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