Secrets Your Mortgage Lender Does not Want You to Know

In these times of economic crises every penny counts. We all have been programmed when we purchase a home to obtain a thirty year loan.

Have you ever looked at your monthly mortgage statement and thought , how much in interest I am going to pay by the end of 30 years?

Well guess what? by the end of 30 years you will have paid more than double the amount of principal in interest. How can you pay less interest and pay off your home faster?

1. Call your bank and ask them if you can make bi-weekly payments. By cutting your payment in two bi-weekly payments you end up paying 13 payments per year. This will payoff your home loan in roughly 23 years, that's SEVEN years earlier.

2. Divide your monthly payment into 12 and add that amount to your monthly payment. For example let's assume that your monthly mortgage payment is $1200 divided by 12= $100. Send the bank $1300 every month instead and tell your bank that this money is designated to your Principal balance. Once again, that will shave off at least seven years worth of payments.

3. If your do booth steps above combined, you will end up paying off your home in roughly 14 years, thus cutting your pay period in half.

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