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Posted:
By:
Bob Buckham
Website: www.best-choice-loans.com
Loan Amortization: Great ways to save you thousands of dollars
Would you be interested in increasing your loan amortization and cutting 9 years off your 30 year mortgage. Well of course you would, and I'll tell you how easy it is.
It's as simple as paying your mortgage on a bi-weekly basis instead of on a monthly basis. Here's an example. Let's say you are currently paying $1000 per month on your loan. Instead of paying a $1000 once a month, change it to paying $500 every 2 weeks. So, on a yearly basis, you would make 26 payments of $500 which equals $13,000, instead of making 12 monthly payments of $1000 which equals $12,000. Over the course of 1 year you have paid an extra $1000 which goes directly to reducing your principal.
If your bank or lending institution isn't set up for bi-weekly payments, ask them if you can send in a separate $1000 check once a year to be applied directly to your principal.
About The Author:Bob Buckham is a successful author and the
publisher of www.best-choice-loans.com. Many have commented that his website offers the best recommendations, links and information on loans, mortgages and financing. *Webmasters,
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