A Mortgage and Bank Trick You Should Avoid at All Costs
...... provides a box that specifically says, Additional Principal. If you want to cut seven, 10 or even 15 years off your loan, just ask your mortgage professional how much you need to add each month or each year to meet that term.
The most exciting part of this plan, though, is not the years you cut from the term as much as it is the tens of thousands of dollars in interest you save. For example, on a $150,000 loan, if you add just one extra payment each year to the principal loan amount, youll save well over $60,000, if you keep your mortgage for its entire term. And, if you set it up through payroll deduction at your workplace, you wont even notice the money is gone. This is a very powerful program and a great way to beat the bankers at their own game.
If you are interested in learning more about how much interest you can save by adding to the principal loan amount, go to a mortgage calculator site on the Internet, and ask the computer to do it for you. The best web site I have seen for this is Karl Jeacles Mortgage Calculator. You can locate it on the Internet by simply doing a keyword search for mortgage calculator. Check it out, and you can beat the bankers at their own game.
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