Accelerating Your Path to Homeownership: The Impact of Extra Mortgage Payments

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Introduction to Extra Mortgage Payments Making extra mortgage payments has become an increasingly popular strategy among homeowners aiming to improve their financial standing. This approach involves depositing additional amounts toward the principal of a mortgage, thus enabling borrowers to accelerate the repayment process. Knowing that traditional mortgage payments typically cover both the principal and interest, … Read more

How Paying Two Extra Mortgage Payments a Year Can Save You Thousands and Accelerate Your Payoff Date

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Understanding the Impact of Extra Payments When borrowers make two additional mortgage payments each year, the effects can be profound not only on their outstanding balance but also on the overall interest paid throughout the life of the loan. The mechanics behind a mortgage fundamentally involve the application of interest over time as well as … Read more