Most homeowners borrow money to pay the seller the difference between their down payment and the purchase price. Few people realize that the interest payments add about two and a half times the original loan amount over the term of the mortgage. In most cases, you can save money by prepaying an amount that is greater tan what you have to pay each month.
Random prepayments accomplish little.
If s the cumulative effect that makes the biggest savings. Ask you lender about details of prepayment. There are various strategies for establishing and amount an method of the prepayment. Properties spent an average of 84 days on the market. If you would like to know specifically what homes are selling for in your neighborhood, call me and I will prepare a no cost, no obligation report on recent sales and homes currently on the market for you.