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Kelly D | How can i pay down my home loan sooner? what about pre-pay penaltys? how much goes towards my principal? |
i have a 350K home loan, I have heard of some programs that say they can show you how to pay down your loan in 1/2 the time or sooner, does this really work? which is the best program to use? please advise |
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paul1mrtg
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IT REALLY WORKS!!!
there are great programs that can help you pay down your home loan in half the time without Refinancing, without paying a penny extra, without changing the way your used to using your money!
check this site out www.mortgagewedge.com use the savings calculator to see the impact that it can make in your mortgage
or give me a call for more details on how the program works
Paul L 561-348-4768 |
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Ted
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You don't need a program. Just make extra payments, either as a separate payment or, write a check that's bigger than your required payment. Can your loan servicer first for details in how to make the payment so that it doesn't accidentally get treated as part of your next payment sent in early.
Ask about pre-payment penalties, but in most states they are illegal for home loans.
You shouldn't pay anybody a fee for a "program". All they do is forward your payment to the bank minus the fee, which they keep. |
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Wayne Z
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Most mortgages do not have pre-payment penalties but some do. Read your mortgage.
Do not sign up for any "programs". They hit you with a fee for something that you can do on your own.
I look at my mortgage payment as a minimum payment. I always pay additional principal. At the rate of which I am paying, my 30 year mortgage is scheduled to be paid off in 11 years.
So, just pay extra principle if possible with each monthly payment. |
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sunshine_today
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Just add extra, whatever you can afford, every month to the payment and ask them to apply it to the principal loan amount only. You don't need any separate plan. I have done this for the last 4 years and I am now almost half paid off on my mortgage. You won't see much of a difference at first, but after a while it really adds up and you can see how much each payment is impacting your overall debt.
A great site to play around with variable payments toward a mortgage is www.dinkytown.net. You can see the savings from just one extra payment over the life of the mortgage or several payments. |
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stan c
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First, make sure you have an open end mortgage, If you do, then request an amortization from your mortgage co. This will give you the exact amount between interest and principle. |
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pi_boy314
 |
Ask your lender if there are pre-payment penalties. Some of them do and some of them don't.
If you pre-pay, then it all goes towards the principle, and they will re-calculate your monthly payments to adjust for the lower loan amount.
Ask your lender for more information. |
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John M
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if you have taxable income and can file an itemized return, do not pay your mortgage early! take the money you would have used to pay down the loan, and invest it in a mutual fund. If you are uncomfortable selecting a fund, just put it in an index fund that mimics the S&P 500.
the reason it is almost always a poor choice to prepay your mortgage is because the interest rate on a mortgage is usually less than you can expect to receive from a reasonably safe mutual fund. the bonus comes in that the interest on the loan is tax deductable. Lets say your mortgage is 7% and you pay state and federal income taxes at a combine 35%. What that means is that the "cost" of the money you didn't use to prepay your mortgage was 7% - (7*.35) or about 4.5%.
So, if you find a nice mutual fund that you can expect to earn 10% on average per year, you will net a return of 5.5% on the money you would otherwise have used to pay down the mortgage.
disregard this advice if you are planning to retire in less than 5 years, or if you lack the discipline to invest the money every month. Its better to prepay your mortgage than to just stick the money in a savings account or any investment that doesn't beat the 4.5% after tax cost of the money. |
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saurus3118
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Talk to your lender to see how they treat extra payments...some will treat it like a regular payment and make you "paid ahead". Others will apply the entire extra amount to the principle. Still others require you mark the intent of the payment (how to distribute the payment). Some actually do have a early payoff penalty....I would not get a loan of that nature! Read your contract and look at your payment book (if you have one). Lenders are rather creative when it comes to getting theirs first! The best mortgage loans in my experience are with credit unions. |
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Patrick W
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the best way i have found to lower the over all balance is to make youre normal payment then send a seprate check for half or what ever you can afford and on the check write towards princible only youre allowed to do this a few times a year and you would be suprised how much it will lower youre ballance i do it 2 times a year and it knocked a few thousand off my bill try it and you will be happy my loan agent told me about it |
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shelleighgirl
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i heard that making 1 extra payment a year towards the principal, takes 10 years off your loan |
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Nicole
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If you have a basic fixed rate mortgage then over time more money goes to principal but it's on a fixed schedule. If you want to pay off your loan sooner then try to put as much extra money to your principal balance as possible. Most mortgage companies allow you to send extra funds with your payment. There are programs such as "Equity Accelorator" which allows you pay down your loan sooner. Check with your mortgage company as many of them offer their own programs. |
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lisaclara
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Yeah - it really works. You need to talk to a financial planner. They charge fees for these kinds of programs so it's easier and just as effective to make an extra payment a few times a year into your mortgage that will go entirely into equity. Financial Planning is so important - you need to find one you trust - perhaps someone through one of your relatives or friends that you can connect with for the best advice. Find someone you know who is doing really well financially and making good investments. They can point you in the right direction for a good financial planner. |
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bluebell
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Check with your lender re terms and conditions on your loan . If you may up your payments, then take monthly figure and divide by 4. Pay this in every week. Because there are 13 lots of 4 weeks in a year, you end up paying a month ahead. Even better if you can round up the weekly amount to nice even figures - the principal comes down quicker, and less interest accrues.
If you can do this as a voluntary thing rather than having a new agreement you are tied to, it gives a little freedom to pay the bare bones in any week with unexpected expenses. If you get occasional bonuses at work, diverting them here would get the loan down even faster. And help get you a nice shiny credit rating too. |
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Bobyns
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http://www.bankrate.com/brm/popcalc2.asp.
Here is a good site.
Talk also to the bank where you got your loan.
Have them explain it to you. |
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