You are here: Home Finances How To Manage ... How To Save Money ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

How To Save Money Paying Your Mortgage

1/1

In order to save money on your mortgage:

  • Consider refinancing. 
    • For unbiased information about refinancing, click here.
  • Make prepayments if permitted under your mortgage.
    • Depending on your interest rate, it might make sense to make additional prepayments beyond your regular monthly payments.
    • You can send an extra check or transfer money to the lender whenever you have extra money. 
  • Also check to find out if your lender allows you to pay half of the monthly payment every two weeks instead of the full amount once a month. This alternative reduces overall interest payments.

If you do make an extra mortgage payment, be sure to include a note indicating that you want the extra money applied to a reduction in your principal (the amount you borrowed). 

To figure out whether or not prepaying a mortgage might be good for you, check out a calculator such as SmartMoney.com's calculator atwww.smartmoney.com/home/living/index.cfm?story=prepay offsite link.

NOTE: Only consider paying extra money toward your mortgage if you do not owe money on a debt which has a high-interest rate such as credit cards.


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.