Payments Toward Principal
If
your budget allows for you to make extra
payments toward the principal of your loan, than it is highly encouraged
to do so.
By
paying anywhere from $50 to $100 on a monthly basis, you can reduce
the term of your loan significantly.
Not
only will you be shortening the term, you will literally be saving thousands
of dollars in interest
charges.
However
you may need to address your lender in order to re-calculate your payments
basing on your current mortgage balance.
Principal
Interest and Term
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