 I need advice. I have an adjustable rate mortgage. My home has no equity. What can I do to lower the pmt? |
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can i use my credit card to make a down payment for a house?
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Fredrico | Is it better to make an extra full morgage payment or add a little extra to each payment over a year.? |
If you have a little money you would like to pay off your morgage what is the most effective way of investing the money( towards the morgage)? |
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Brittiny R
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The best way to do this is bi-weekly payments. Contrary to the comment above do not put the extra $ toward credit card debts. If you have substantial credit card debts it may be benificial to consolidate them into your mortgage. Not only can this potentially lessen your monthly payments but your interest is tax deductable. Credit cards aside, setting up bi-weekly payment can take years off the life of a mortgage, and if a little extra is made with the payments as well you can potentially cut the life of the loan in half. To set up bi-weekly payments contact your mortgage company. Good luck knocking out your mortgage! |
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lightbulblady1
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I just recently bought my first house about 9 months ago and I've been pondering the same question in my mind for a while. I've asked around and have been told if and whenever you pay any extra or over the mortgage amount; it's always applied to the principle. So, if you pay an extra $100 a month that would knock $1200 off the original loan amount for that year. When you get ready to refinance the loan the amount will drop along with your monthly premium. However, if your mortgage payment is $600 a month; and you send in $1200 for that month; you will still have to make the next mortgage payment by your scheduled due date of $600. The extra $600 you paid will go torward the principle. In other words, no matter how much extra you pay over your monthly premium you still have to make that payment every month.
Hope this helps you out, if you still get confused; e-mail me.=) |
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gofrfkim
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Well, I slightly disagree with one person's statement on here about saving on the interest. The interest is tax deductible anyways, so, actually, if you reduce the principal balance faster, you do pay less on interest, but it's a smaller deduction at the end of the year. Paying the extra bit each month could possibly raise your credit score slightly faster since it is reported to the bureaus each month. Other than that, there really is no best way. But congrats on doing it! |
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krohnjack
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I used to pay every two weeks and add a little on top of that . Paying every two weeks reduces your term from 30 to something like 19 years alone. Paying an extra amount obviously reduces it more to pay it off faster. All this can be done thru an automatic withdrawal making it idiot proof and painless.
http://www.h-o-m-e-e-q-u-i-t-y-l-o-a-n.com
http://www.m-o-r-t-g-a-g-e-r-a-t-e.com |
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moonman
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Pay it towards principle sooner rather than later, if you wait until later it still reduces it by the same amount, but you have also paid interest on that amount as well, so if you have the money and are going to use it for that anyways, I suggest you do it sooner and save on the interest. |
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Deb S
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Either way, they both go to the equity. |
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lance
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any extra you can pay will save you interest and cut your time on the contract. if you can the smartest thing to do is make a payment every 15 days., you will save HUGE |
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James S
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The bi- weekly payment will knock off about 7 years. If you can afford to do that do it paying more never hurts if you can afford it |
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lacrabby52
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Make 13 payments per year |
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godged
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If you have other debts (credit cards, car loan, etc.) you would be better off paying down those debts rather than put extra money toward your mortgage. Your mortgage is tax deductible, the other debts are not.
If you are going to pay extra on your mortgage, just make sure it is going to the principal. Paying a just a few dollars extra on every payment can knock off quite a bit in the long run. |
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nancy w
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I heard it is better to pay an extra payment but I'd like to know if it is better at the beginning of the month or the middle, etc. I'm not sure when they calculate the interest. It should be before that for sure. But when is that? Please advise if you know! |
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