Intrest Rate

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How to Save Thousands on your Mortgage, Regardless of your Intrest Rate

Thirty years is a long time to pay for something. And when you have a high intrest rate on your mortgage, the cost is even greater. On the bright side of things, there are ways to save yourself money on your mortgage, even if you don't qualify for the best intrest rate. By paying a little extra every month or by paying biweekly instead of monthly you will save yourself thousands and have your mortgage loan paid off even faster than scheduled.

Paying a little extra

Every extra cent you pay towards your mortgage every month goes towards paying down your principle. Even paying only $25 per month extra, you will end up saving yourself thousands in intrest no matter what your interest rate is.

Change the length of your loan

By going with a 15 year fixed instead of a 30 year fixed, you will be amazed at how much money you will save in intrest payments. Not only will you save money by paying your loan off quicker, but you will also qualify for a lower intrest rate on a shorter loan because it is less of a risk for the bank. The only catch with this option is that you must be able to make the slightly higher payment that comes attached to a 15 year loan.

Pay biweekly

Instead of making your mortgage payment every month, you can save thousands by making the payment in conjunction with your payday. If you get paid every two weeks, pay your normal mortgage payment out of every paycheck, this will result in two extra payments over the course of the year. This option can save you thousands and the higher the intrest rate you have, the more you end up saving. However another way is asking your lender for the lowest intrest rate possible in order to save the most money!