Quote:
Originally Posted by SSSHYBOY
As a mortgage broker with over 40 years in the business, I have written hundreds of newspaper columns.. One was " BEAT YOUR LENDER".. It works on cars and your house mortgage... The bottom line; pay more. If the payment is $350; pay $360-400 or whatever extra you can, whenever you can. That will start reducing the principal and stop all future interest on the overpayment. You can do this monthly or when you get the tax refund or, as I said, whenever you can throw in an extra $10.00
The computer will automatically apply the extra payment to principal. If anybody would like the article, just PM me or send an email to peter0000@gmail.com |
Paying extra on a loan lowers principal owed, interest accrued, and gets the loan paid sooner.
I have zero years experience and even I know this.